Aquilius Secures $1.1 Billion for Asia's Largest Real Estate Secondaries Fund
Aquilius Investment Partners has successfully raised $1.1 billion, surpassing its target, to establish Asia's largest real estate secondaries fund, marking a significant milestone in the region's real estate investment landscape.
Real EstateSecondaries FundAquilius Investment PartnersAsia PacificPrivate EquityReal EstateNov 04, 2025
Secondaries, which involve investors buying existing stakes in private funds, are among the fastest-growing alternative strategies globally, according to Preqin. The data provider forecasts that global alternative assets will reach $29.2 trillion by 2029, with secondaries projected to grow the fastest at an annual 13.1% rate through 2029. This growth is driven by slow exits and rising private wealth demand.
The fundraising includes over $750 million for AIP Secondary Fund II, exceeding its original $700 million target, and associated vehicles. This amount compares to more than $400 million raised for its maiden fund in 2023. Aquilius has already deployed about half of the capital across eight transactions, demonstrating the fund's active and strategic approach.
Founded in 2021 by former Partners Group and Blackstone executives, Aquilius now operates what it claims is Asia's largest real estate secondaries platform, with 30 professionals on the ground. Christian Keiber, one of the founding partners, highlighted the significant market opportunity in Asia. 'One third of global private market AUM sits in Asia, yet less than 10% of secondaries capital is dedicated here,' Keiber said. 'Combine that with an environment of slow exits, heightened uncertainty, and regulatory drivers, and you have a generational buying opportunity.'
Bastian Wolff, another founding partner, noted that Aquilius's clients are primarily sovereign wealth funds and pension funds in Asia and the Middle East. 'Their proximity and understanding of the market opportunity were key drivers of confidence in our investment strategy and platform,' Wolff explained.
The remaining capital will target diversified exposure across Japan, Korea, India, and Australia, focusing on new economy sectors such as logistics, data centers, and living. This strategic focus aims to capitalize on the growing demand for modern real estate assets in these regions.
Aquilius's success in raising such a substantial amount for its secondaries fund underscores the confidence and trust placed in the firm by institutional investors. As the real estate investment landscape continues to evolve, Aquilius is well-positioned to capitalize on the opportunities presented by the Asian market, driving growth and creating value for its investors.
Frequently Asked Questions
What is a real estate secondaries fund?
A real estate secondaries fund is a type of investment fund that buys existing stakes in private real estate funds. This strategy allows investors to gain exposure to real estate assets without waiting for the initial fund to mature or exit.
How much did Aquilius raise for its secondaries fund?
Aquilius Investment Partners raised $1.1 billion for its second Asia Pacific real estate secondaries fund, exceeding its original target of $700 million.
Who are the founding partners of Aquilius Investment Partners?
Aquilius Investment Partners was founded by Christian Keiber and Bastian Wolff, both former executives from Partners Group and Blackstone.
What sectors will the remaining capital target?
The remaining capital will target diversified exposure across Japan, Korea, India, and Australia, focusing on new economy sectors such as logistics, data centers, and living.
What is the significance of Aquilius's fund in the Asian market?
Aquilius's fund is significant as it is Asia's largest real estate secondaries fund, marking a generational buying opportunity in a market with substantial private market assets and limited secondaries capital.
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