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
(Reporting by Eveline Danubrata)