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BlackRock raises around $300 for fifth Asia real estate fund

BlackRock Real Estate Asia

The size of the fund at the initial close could be similar to its predecessor Fund IV

BlackRock’s property investment management arm BlackRock Real Estate has raised around $300 to $350 million for its fifth Asia-focused real estate fund. According to reports, the amount raised for the initial close of the fund could be similar to the total fund size of its predecessor, Fund IV.

In 2017, BlackRock Real Estate raised $500 million for its fourth Asia-focused realty fund, which was half of its initial target of $1 billion.

Investors in BlackRock Real Estate Asia-focused Fund IV include the Employees’ Retirement System of the State of Hawaii, the Province of British Columbia, the British Columbia Investment Management Corporation, the Canadian investment manager that manages more than $120 billion in assets on behalf of public sector pension plans, publicly administered trust funds and other public bodies.

The British Columbia Investment Management Corporation has previously invested in both BlackRock Real Estate Asia-focused fund II and III.

BlackRock announced that Chief Investment Officer of BlackRock’s Asia Real Estate business, Grep Lapham has stepped down from his role and departed from the firm to seek other opportunities.

By the end of 2018, BlackRock reportedly had $471 billion of assets under management in Asia across various portfolios such as equities, fixed income, multi-asset, and exchange-traded funds.

Recently, BlackRock became a part of major controversy as the company was labeled as the world’s largest investor in deforestation by a research report. The report identified 167 deforestation-risk companies and BlackRock held shares in 61 of them.

Jeff Conant, the report’s lead author alleged that BlackRock’s investments are directly causing the forest fires in the Amazon and deforestation around the globe.

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