NEW YORK (Reuters) - LaSalle Investment Management Inc has set a new capital-raising target of $1 billion for the fifth of its pan-Asia opportunistic real estate funds, one of which is expected to significantly outperform a target annual return of 18 percent, the unit of Jones Lang LaSalle Inc said on Wednesday.
LaSalle was invested about 65 percent in Japan earlier in the year as the firm was bullish on the country, said Mark Gabbay, chief executive of Asia Pacific at LaSalle.
Japan has been a good market for investors in recent years and will probably remain so at least through the 2020 Summer Olympics, Gabbay said in an interview in March.
Capital commitments from institutional investors for LaSalle Asia Opportunity V fund have reached $335 million since its launch in August 2016, and pending commitments should lift the total raised to $700 million, LaSalle said.
Target markets for the fund, which will follow the same risk profile as its high-return fund IV predecessor, include Japan, Australia, China, Singapore, Hong Kong and Korea, the firm said.
Reporting by Herbert Lash; editing by Diane Craft