BGO has announced the final close of BentallGreenOak Asia IV (BGO Asia Fund IV), its flagship real estate investment strategy for the region, having raised more than US$5.1 billion in total capital commitments. This milestone marks the most substantial closed-end fundraise in the firm’s history and reflects BGO’s growing strength and credibility in Asia’s property investment landscape.

The fund will focus on value-add opportunities in office, hospitality, and logistics assets across key regional markets, namely Japan, South Korea, Australia, and Singapore. At the centre of this strategy is Japan, where shifting corporate governance and regulatory reforms are prompting a wave of non-core asset sales. The estimated value of such divestitures is placed at around US$3 trillion.

“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, and with growing pressure on Japanese corporations to optimize their corporate value, our deep roots and integrated presence positions us well to access opportunities others might miss. This Fund has over 3 trillion JPY investing power.”

A total of 45 institutional limited partners participated in the fundraise, which saw capital sourced from a geographically diverse investor base. Of the total, 44% came from the United States, 24% from Asia, and 23% from the Middle East. The remainder originated from Canada and Europe, highlighting widespread institutional confidence in BGO’s Asia-focused strategy.

The breakdown of commitments illustrates a strong mix of existing and new relationships:

  • One-third of the capital came from existing investors in the firm’s Asia strategy.
  • One-third from long-standing BGO clients expanding into Asia value-add.
  • One-third from new investors entering a BGO vehicle for the first time.

“We are honoured 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, BGO. “Our team, our consistent track record in Asia, our local expertise are important differentiators.”

BGO’s leadership in Asia is underpinned by a team with exceptional continuity and experience. The senior management group, 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), brings an average of nearly 30 years of investment experience across Asian markets.

In Japan, BGO executes 100% of its investments in-house via a fully vertically integrated platform. The Asia team now comprises more than 40 professionals based across the region, each fluent in English and their native languages, and deeply embedded in local markets.

Since its establishment in 2010, BGO’s Asia strategies have invested approximately US$10 billion across 150 properties in 20 cities. This track record highlights its ability to identify and act on high-conviction opportunities within some of Asia’s most dynamic real estate environments.

About BGO

BGO is a leading, global real estate investment management advisor and a globally-recognised provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately US$86 billion of assets under management (as of 31 March 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 thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where it invests in and manages real estate assets on behalf of its 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 includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, 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, visit www.bgo.com