Fund manager GLP has established the largest-ever Japan-focused private real estate fund. GLP Japan Development Partners IV (GLP JDP IV) has raised 311 billion yen (US$2.75 billion), breaking the previous fund-raising record set by its predecessor, the 2018-vintage 250 billion yen GLP JDP III which has reached full capacity.

GLP JDP IV is the fourth iteration of the firm’s flagship logistics development fund series in Japan and is targeting 412 billion yen of total equity commitments which is expected to reach over one trillion yen of assets under management when fully deployed.

The latest fund is comprised of both existing and new investors with commitments from a well-diversified group across North America, Asia and the Middle East representing pension funds, sovereign wealth funds and insurance companies. More than 85% of the commitments were made by returning GLP JDP III investors.

Yoshiyuki Chosa, president of GLP Japan, says: “As the market leader and pioneer of modern logistics in Japan, we have built up a strong track record over the past decade and continued to raise the bar in delivering signature developments that create value through active asset management, ecosystem development and technology and innovation. GLP JDP IV will feature our flagship ALFALINK projects which promote supply chain optimization by creating modernized, end-to-end, digitalized solutions to help customers meet complex and rapidly evolving supply chain needs.”

The company says GLP JDP IV, like its predecessor funds, will continue to develop the next generation of modern and environment-friendly logistics facilities in Japan with a focus on the prime Greater Tokyo and Greater Osaka regions. Developments will aim to obtain certifications such as LEED, CASBEE and ZEB, will be equipped with solar panels to offset energy usage, and will include amenities that support the wellbeing of workers and local communities including day care centres, restaurants, convenience stores and more.

With the establishment of GLP JDP IV, GLP manages over US$30 billion AUM of logistics strategies in Japan across five private funds and a listed J-Reit.