BGO Secures US$5.1 Billion for Asia Value-Add Real Estate Strategy
BentallGreenOak (BGO) has successfully raised over US$5.1 billion for its Asia-focused value-add real estate strategy, marking the largest closed-end capital raise in the firm’s history. This underscores BGO’s reputation as a premier global real estate investment manager in Asian markets.
Real EstateInvestmentBgoAsiaCapital RaiseReal EstateJun 06, 2025
BGO Asia Fund IV targets value-add opportunities in office, hospitality, and logistics assets across Japan, South Korea, Australia, and Singapore. Japan is a central pillar of the investment strategy, driven by regulatory reforms and corporate governance shifts that are catalyzing an estimated US$3 trillion in non-core asset divestitures.
“Japan is undergoing a profound transformation, and we see strong, sustained tailwinds across the region,” said Fred Schmidt, Managing Partner and Chairman of Asia at BGO. “Tokyo is one of the world’s largest and most dynamic commercial real estate markets. With growing pressure on Japanese corporations to optimize their corporate value, our deep roots and integrated presence position us well to access opportunities others might miss. This Fund has over 3 trillion JPY investing power.”
The Fund received support from 45 institutional limited partners, representing 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. This diverse investor base reflects sustained confidence in BGO’s Asia platform and increased interest in the region.
One-third of the commitments came from existing Asia fund investors who have previously invested in this strategy. Another third came from longstanding BGO clients expanding into the Asia value-add strategy, and the final third from new investors entering a BGO vehicle for the first time.
“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,” said Marcus Merner, Managing Partner and Head of Asia at BGO. “Our team, our consistent track record in Asia, and our local expertise are important differentiators.”
BGO’s Asia team brings decades of continuity and cycle-tested experience. 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), has an average of almost 30 years of investing experience in Asia.
Importantly, BGO operates a fully vertically integrated platform in Japan, executing 100% of its investments in-house. The firm’s regional team now includes more than 40 professionals based across Asia, fluent in both English and their local dialects, and embedded in the markets they serve.
Since its founding in 2010, BGO’s Asia series of strategies have invested approximately US$10 billion across 150 properties in 20 cities, consistently identifying and executing on high-conviction opportunities in Asia’s most dynamic urban centers.
About BGO
BGO is a leading global real estate investment management advisor and a globally recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $86 billion USD of assets under management (as of March 31, 2025) and expertise in the asset management of office, industrial, multi-residential, retail, and hospitality property across the globe. BGO has offices in 27 cities across 13 countries with deep, local knowledge, experience, and extensive networks in the regions where they invest in and manage real estate assets on behalf of their clients in primary, secondary, and co-investment markets.
BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. The assets under management shown above include real estate equity and mortgage investments managed by the BGO group of companies and their affiliates. As of 1Q21, it includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com
Frequently Asked Questions
What is BGO Asia Fund IV?
BGO Asia Fund IV is BentallGreenOak's flagship Asia-focused value-add real estate strategy that has raised over US$5.1 billion in total capital commitments.
What types of real estate assets does BGO Asia Fund IV target?
BGO Asia Fund IV targets value-add opportunities in office, hospitality, and logistics assets across Japan, South Korea, Australia, and Singapore.
Why is Japan a central pillar of the investment strategy?
Japan is a central pillar due to regulatory reforms and corporate governance shifts that are catalyzing an estimated US$3 trillion in non-core asset divestitures.
What is the global investor base for BGO Asia Fund IV?
The Fund received support from 45 institutional limited partners, with 44% of the capital sourced from the United States, 24% from Asia, and 23% from the Middle East, with the remainder coming from Canada and Europe.
What is BGO's role in the Asian real estate market?
BGO is a leading global real estate investment management advisor with a strong presence in Asia, managing approximately $86 billion USD of assets under management and expertise in various property types across the region.
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