KKR has raised US$1.7bn (鈧�1.4bn) in the final close of its first dedicated Asia real estate fund.

The manager鈥檚 opportunistic Asia Real Estate Partners (AREP) fund garnered support from global investors, including public and corporate pension plans and sovereign wealth funds for its latest fund.

Ralph Rosenberg, global head of KKR Real Estate, said: 鈥淎sia-Pacific is an integral and increasingly important part of our investment strategy, given the attractive growth and demographic drivers shared by markets across the region.鈥�

John Pattar, head of Asia-Pacific real estate at KKR, said the transformation of Asia-Pacific鈥檚 real estate sector was creating a strong pipeline of new and exciting opportunities.

AREP would play an important role in bringing 鈥渘ecessary solutions鈥� to the region鈥檚 growing real estate industry, which was underpinned by the convergence of macro trends 鈥� increased domestic consumption, productivity and urbanisation, he said.

Since launching its dedicated real estate platform in 2011, KKR has deployed more than US$1.5bn in equity across approximately 20 real estate transactions.

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