FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo

Private equity powerhouse KKR is currently in the market to raise its second real estate fund for Asia with a target of up to $2.5 billion, according to a Bloomberg report which cited sources close to the matter.

The latest installment of KKR’s Asian real estate fund series has gathered $600 million since late 2022. The firm is looking to make the final close by the end of 2024 to early 2025, said the report. 

Following the footsteps of Asia Real Estate Partners Fund I, the new fund will adopt an opportunistic strategy and invest in property markets including Japan, Australia and Southeast Asia. The fund’s particulars may change depending on market conditions, Bloomberg said. 

The news came almost three years after KKR reached the final close of its first Asia real estate fund in January 2021, receiving $1.7 billion in commitment. Some of the notable transactions include Hyatt Regency Tokyo which was announced in March this year.

KKR declined to comment in an email sent by DealStreetAsia.

The firm will report its third-quarter earnings on November 7. Its shares rose by 18% this year.