London, 08/08/14 – CBRE Global Multi Manager announces the final close of the Asia Alpha Plus III Fund bringing the total fund size to $236 million.
AAPIII is the third in a series of closed-end funds targeting private equity real estate in the Asia Pacific region. AAPIII seeks to achieve an IRR of 15 percent per annum net of all fees and expenses by investing in club deals, co-investments and joint ventures, utilising CBRE’s local presence and market intelligence in the Asia Pacific region.
Adrian Baker, Fund Manager, commented on the close: “The two predecessor funds in the series have very solid performance track records, generating net IRRs of 13.4 percent and 21.1 percent per annum since inception, respectively, and we look forward to building on that track record for this fund. We continue to see opportunities in the Asia Pacific region, and AAPIII will focus on investments that have a high proportion of pre-specified assets and those with a high proportion of the return coming from income.”
The AAPIII close contributed to a successful first half of 2014 for GMM, which has also raised since the start of the year $844 million for separate accounts and $118 million for the CBRE Global Alpha Fund, its flagship global open-end fund.
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About CBRE Global Multi Manager
CBRE Global Multi Manager is the independent multi manager division of CBRE Global Investors. GMM has $13.0 billion in assets under management* as of June 30, 2014, invested in primary funds, club deals, secondaries, joint ventures and co-investments. Its regulated entity, CBRE Global Collective Investors UK Limited is authorized and regulated in the United Kingdom by the Financial Conduct Authority.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $92.8 billion in assets under management* as of June 30, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.