The fund-of-funds (FoF) arm of Aberdeen Property Investors (API) has achieved a final close of just less than $200 million for its second Asia-focused vehicle, reports PEI-Asia. Stockholm -based Aberdeen Property Investors Indirect Investment Management was aiming a final close of $400 million on AIPP Asia Select Fund. The predecessor fund, AIPP Asia Fund, managed to raise $600 million and was closed in October 2007. Bouyed by the successful close of first fund, Aberdeen launched its second vehicle 18 months ago.
The new fund will invest in established fund managers rather than managers with little track record. Aberdeen will look at an IRR of between 13-17% for investors and the fund has a life of 10 years. The funds investors are mostly based out of Europe from countries like Netherlands, Switzerland, Ireland, Denmark, Finland, Norway and Sweden.
API is one of the top 10 property investment managers globally, currently managing some EUR 25 billion of direct and indirect property investments. API is a subsidiary of Aberdeen Asset Management PLC, an investment management group listed on the London Stock Exchange.