Ares Management has closed Japan Logistics Development Partners V at ¥612 billion, or about $4 billion, reaching the fund’s hard cap and completing the largest closed-end institutional fundraise in Ares Real Estate’s history.
The fund, known as JDP V, is nearly 50% larger than its 2021-vintage predecessor, which raised ¥412 billion. The latest vehicle includes limited partner equity commitments and Ares’ general partner commitment.
Canada Pension Plan Investment Board is a cornerstone investor with a ¥150 billion commitment, equivalent to approximately $968 million. CPP Investments has participated in every vintage of the JDP strategy since its launch in 2011.
Other investors include pension funds, sovereign wealth funds, insurance companies, financial institutions and additional institutional investors across North America, Asia-Pacific, Europe and the Middle East.
JDP V will focus primarily on developing institutional-quality modern logistics facilities in Japan’s major metropolitan markets, including Greater Tokyo, Greater Osaka and Nagoya.
The fund has approximately ¥1.7 trillion, or $11 billion, of total investment capacity and has already committed to projects representing about ¥450 billion of investment.
Those assets will be developed and operated by Marq Logistics, Ares’ vertically integrated logistics real estate platform. Marq manages approximately 120 million square feet in Japan and more than 655 million square feet globally.
Ares sees continued structural demand for modern warehouses and distribution infrastructure as supply chains evolve and tenants place greater emphasis on efficient logistics networks.
The fundraising also follows Ares’ March 2025 acquisition of GCP International, which expanded the firm’s international real estate platform.
Ares Real Estate managed approximately $121 billion of assets as of June 30, while Ares Management’s overall platform had more than $671 billion of assets under management.
KEY QUOTES:
“The successful close of our largest closed-end real estate fund to date reflects the strength of the team’s track record, the compelling opportunity set in Japan and the benefits of Ares’ scaled real estate platform.”
Julie Solomon, Partner And Head Of Ares Real Estate
“Japan remains one of the most attractive logistics markets globally, supported by long-term structural demand for modern supply-chain infrastructure.”
Yoshiyuki Chosa, Partner And Head Of Japan Real Estate At Ares
