Value-Add

Beyond providing liquidity, continuation funds are becoming a key tool to extend ownership duration, enhance platform value and expand portfolios.

Interest in the Japanese market has increased steadily since the GFC, and sentiment remains positive – particularly for value-add players, says TPG Angelo Gordon’s Tetsu Yaoka.

The California-based real estate manager hit the hard-cap on its second fund, which will target US hospitality and residential properties.

The real estate vehicle is the first to have a ‘value-add-plus’ strategy after the Dallas-based manager combined two of its fund series.

This move comes as the firm approaches full deployment of capital from its first $900m international value-add strategy.

Participation from US investors declined compared with the fund’s predecessor, but the manager benefited from new capital sources in Asia.

The new recruit follows a wave of senior appointments globally including the return of its Asia real estate CIO Kenny Lam in 2023.

The firm is also in the market with its Australia debt vehicle, which is expected to reach a final close at the end of 2025.

The Canadian pension’s chief investment officer, Andrew Greene, tells PERE why it plans to transition its real estate portfolio from mostly direct holdings to majority fund commitments.

Eric Byrne, who co-founded UBS Asset Management’s real estate and private markets multi-manager business, will support the emerging UK firm as senior adviser.