August 21, 2012 / 10:01 AM / 5 years ago

Singapore's ARA Asset raises nearly $1 bln for private real estate funds

SINGAPORE, Aug 21 (Reuters) - 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)

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