Avatar Secures US$156 Million for Fund II

Avatar Capital Partners has secured US$156 million in commitments at the first close of Fund II, which is targeting US$300 million for Japan’s living sector. The Asia-based alternative asset management platform has formed a strategic partnership with GCM Grosvenor and Teacher Retirement System of Texas. GCM Grosvenor and TRS will serve as anchor investors and strategic partners supporting ACP’s institutional expansion. The fund follows the full deployment of Fund I and five successful exits to date.

Institutional Backing For Fund II

Fund II attracted commitments from global institutional investors, led by a commitment of up to US$100 million from GCM Grosvenor and TRS. The partnership supports ACP’s institutional expansion.

Angel Li, Founding Partner at ACP, said:

“We are thrilled to welcome GCM Grosvenor and TRS as strategic partners.”

Japan Living Sector Focus

Fund II will build upon ACP’s established strategy of capitalizing on the growing pipeline of off-market opportunities across Japan’s living sector. Supported by favorable demographic trends, sustained rental demand, accelerating rental growth, and an attractive financing environment, the sector continues to present compelling long-term investment opportunities.

Ryuta Ueda, Founding Partner at ACP, said:

“Our deep local relationships provide access to opportunities beyond traditional sourcing channels. We remain focused on disciplined execution and delivering attractive long‑term returns.”

Established Investment Platform

ACP is led by Founding Partners Angel Li, Ryuta Ueda and Ronald Chiu, who have worked together since 2010. The firm closed Fund I in July 2025 with US$105 million and manages capital for a diversified group of institutional investors and family offices. To date, ACP has built a multifamily portfolio with a gross asset value of nearly US$850 million.

Fund I was fully deployed within 12 months of closing and has completed five successful exits to date, underscoring ACP’s differentiated sourcing capabilities and disciplined execution.

Ronald Chiu, Founding Partner at ACP, said:

“Fund II positions us to capitalize on a growing pipeline of high‑quality opportunities across Japan's living sector.”