BGO announced the final closing of BentallGreenOak Asia IV (BGO Asia Fund IV), its flagship Asia-focused value-add real estate strategy, raising over $5.1 billion in total capital commitments for the fund and co-investment sidecars. And the fund represents the largest closed-end capital raise in BGO’s history, underscoring the firm’s history and reputation as a premier global real estate investment manager in Asian markets.
BGO Asia Fund IV targets value-add opportunities in office, hospitality, and logistics assets across Japan, South Korea, Australia, and Singapore. And Japan represents a central pillar of our investment strategy, driven by regulatory reforms and corporate governance shifts that are catalyzing an estimated US$3 trillion in non-core asset divestitures.
Backed by 45 institutional limited partners, the fund had received support from a highly diversified global investor base. Notably, 44% of the capital was sourced from the United States, 24% from Asia, and 23% from the Middle East, with the remainder coming from Canada and Europe. And the fund’s investor participation reflects sustained confidence in BGO’s Asia platform and increased interest in the region:
— One-third of commitments came from existing Asia fund investors who have previously invested in this strategy;
— One-third from longstanding BGO clients expanding into the Asia value-add strategy; and
— One-third of new investors are entering a BGO vehicle for the first time.
BGO’s Asia team features decades of continuity and cycle-tested experience. And the leadership team—including Sonny Kalsi (co-CEO), Fred Schmidt (Chairman of Asia), Marcus Merner (Head of Asia), Dan Klebes (Head of Japan), and Jeannie Kim (Head of Korea), bringing an average of almost 30 years of investing experience in Asia.
BGO also operates a fully vertically integrated platform in Japan, executing 100% of its investments in-house. The firm’s regional team now comprises more than 40 professionals based across Asia, fluent in both English and their local dialects, and deeply embedded in the markets they serve.
Since its founding in 2010, BGO’s Asia series of strategies has invested approximately $10 billion across 150 properties in 20 cities, consistently identifying and executing high-conviction opportunities in Asia’s most dynamic urban centers.
KEY QUOTES:
“Japan is undergoing a profound transformation, and we see strong, sustained tailwinds across the region. Tokyo is one of the world’s largest and most dynamic commercial real estate markets, and with growing pressure on Japanese corporations to optimize their corporate value, our deep roots and integrated presence positions us well to access opportunities others might miss. This Fund has over 3 trillion JPY investing power.”
Fred Schmidt, Managing Partner and Chairman of Asia, BGO
“We are honored by the trust of our long-standing partners and pleased to welcome new investors who share our vision for capturing value across Asia’s most compelling urban markets. Our team, our consistent track record in Asia, our local expertise are important differentiators.”
Marcus Merner, Managing Partner and Head of Asia, BGO
