SINGAPORE Aug 21 Singapore's ARA Asset Management Ltd, an affiliate of the Cheung Kong group, said on Tuesday it had raised close to $1 billion for its private real estate funds.
The gross investor commitments of $941 million were raised through two vehicles -- ARA China Investment Partners LLC and ARA Asia Dragon Fund II.
ARA China Investment Partners, with initial committed capital of $500 million, had a significant contribution from the California Public Employees' Retirement System (CalPERS).
CalPERS has assets of around $238 billion and administers retirement benefits for more than 1.6 million California state, local government, public school employees, retirees and their families. (Reporting by Eveline Danubrata)