Ares Management has closed its fifth Japan-focused logistics real estate development fund at its ¥612-billion ($4-billion) hard cap, marking the firm’s largest closed-end institutional fundraise to date.
In an announcement on Monday, the global alternative investment manager said Japan Logistics Development Partners V, or JDP V, secured commitments from pension funds, sovereign wealth funds, insurers, financial institutions and other institutional investors across North America, Asia Pacific, Europe and the Middle East.
The final close, which includes limited-partner equity commitments and Ares’ general-partner commitment, was nearly 50% larger than the ¥412 billion raised by its 2021-vintage predecessor, JDP IV, per the announcement.
The Canada Pension Plan Investment Board, or CPP Investments, committed ¥150 billion, equivalent to about $968 million, as a cornerstone investor in the latest vehicle.
The Canadian pension fund manager was a founding investor in the JDP series and has participated in every vintage since the strategy was established in 2011.
JDP V will primarily invest in the development of modern logistics facilities across Japan’s major metropolitan markets, including Greater Tokyo, Greater Osaka and Nagoya.
The fund has ¥1.7 trillion, or approximately $11 billion, of total investment capacity and has already committed to projects representing about ¥450 billion in total investment, Ares said.
The developments will be operated by Marq Logistics, Ares’ vertically integrated logistics real estate platform. The platform managed approximately 120 million square feet of property in Japan and more than 655 million square feet globally as of June 30.
Ares said the fundraising followed its acquisition of GCP International in March 2025. GCP International, formerly the international business of GLP Capital Partners, expanded Ares’ real estate presence in Asia and other markets.
“Japan remains one of the most attractive logistics markets globally, supported by long-term structural demand for modern supply-chain infrastructure,” said Yoshiyuki Chosa, partner and head of Japan real estate at Ares.
Gilles Chow, managing director and head of real estate Asia Pacific at CPP Investments, said the investor continues to see value in modern logistics infrastructure, supported by resilient demand, evolving supply chains and expectations of rental growth.
Separately, Ares raised an additional $500 million for its Asia-Pacific credit strategy in the first quarter, largely driven by commitments to its seventh special situations fund, SSG Fund VII.
The fundraising follows $400-million commitments in 2025 and comes just two years after the predecessor vehicle raised $2.4 billion.
