New York-based property developer and investor Tishman Speyer has co-launched a real estate fund in partnership with  Singapore’s Raffles Family Office to beef up its presence in the Asia-Pacific market.

With a value-add and opportunistic strategy, the Tishman Speyer/Raffles Family Office APAC Opportunity Fund I will tap into various markets, including residential, logistics, redevelopment, and credit strategies in the region, according to a company statement on Wednesday. Financial particulars of the fund were not disclosed.

“This marks a milestone in Tishman Speyer’s expansion into Asia-Pacific gateway cities and the start of a significant partnership with Raffles Family Office and their investors,” said Rob Speyer, Chief Executive Officer at Tishman Speyer. “Together, Tishman Speyer and RFO will create a compelling portfolio that supports the growth of new economy sectors throughout APAC.”

Tishman has recently stepped up its expansion plan for the region, including Singapore, Japan, South Korea, and Australia. Last month, the US developer tapped ex-AEW Adrian Lee to join its Singapore office as senior director of acquisitions.

While Tishman owns and operates a number of European and US real estate funds and assets, it has been actively investing in India and China in recent years. The developer mostly recently sold a portion of its Shanghai flagship office project The Springs Center to Singapore-listed CapitaLand Investment for $1.1 billion in January.

Raffles managing partner for real estate Joe Kwan added the new vehicle is the first of its kind which “arrives at an ideal time to emphasise our conviction of the longer-term secular tailwinds across the Asia-Pacific region”.

DealStreetAsia reported in December last year that 83% of family offices in the region are looking to increase their capital allocation in private equity, which is the second largest asset class taking up to 23% of their assets under management on an average.