By Proptechbuzz
By Ravi Kumar
Aquilius Investment Partners has raised $1.1 billion for its second Asia Pacific real estate secondaries fund, marking the region’s largest to date, the Singapore-based investment firm announced on Monday.
Secondaries—transactions where investors acquire existing stakes in private funds—are becoming one of the fastest-growing areas within alternative investments, according to data provider Preqin.
Preqin estimates that global alternative assets could reach $29.2 trillion by 2029, with secondaries expected to expand at an annual rate of 13.1%. This growth is attributed to delayed exits, higher private wealth allocations, and increasing investor interest in liquidity options.
The new round includes over $750 million raised for AIP Secondary Fund II, surpassing its initial $700 million target, along with capital for related vehicles, Aquilius said. By comparison, the firm’s first fund closed at more than $400 million in 2023.
Roughly half of the committed capital has already been deployed across eight transactions, according to the firm’s statement.
Founded in 2021 by former Partners Group and Blackstone executives, Aquilius manages what it describes as Asia’s largest real estate secondaries platform. The firm operates with a 30-member team spread across regional markets.
"One third of global private market AUM sits in Asia, yet less than 10% of secondaries capital is dedicated here," said Christian Keiber, founding partner at Aquilius, in an interview with Reuters. AUM refers to assets under management.
"Combine that with an environment of slow exits, heightened uncertainty, and regulatory drivers, and you have a generational buying opportunity," Keiber added.
Fellow founding partner Bastian Wolff said that Aquilius’ investor base largely includes sovereign wealth funds and pension funds from 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 said.
The remaining capital will be invested across Japan, Korea, India, and Australia, focusing on logistics, data centres, and living sectors — industries often grouped under the "new economy" category.
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