Ares Management has held the final close of its fifth Japan-focused logistics development fund, raising ¥612bn ($4bn) at its hard cap. The fund came in nearly 50% larger than its 2021-vintage predecessor, which gathered ¥412bn (about $2.7bn), and drew a diversified global investor base spanning pension funds, sovereign wealth funds, insurance companies, and other institutions across North America, Asia-Pacific, Europe, and the Middle East. The close also follows Ares' acquisition of GCP International in March 2025.

Canada Pension Plan Investment Board is anchoring the fund, committing ¥150bn (about $968m) as a cornerstone investor. CPP Investments is a founding backer of the series and has taken part in every vintage since its inception in 2011. "We are grateful for the strong support from both longstanding and new investors in JDPV. The successful close of our largest closed-end real estate fund to date reflects the strength of the team's track record, the compelling opportunity set in Japan and the benefits of Ares' scaled real estate platform," Julie Solomon, Partner and Head of Ares Real Estate, said in a statement.

The fund will develop institutional-quality logistics facilities across Japan's core metropolitan markets, including Greater Tokyo, Greater Osaka, and Nagoya. With total investment capacity of ¥1.7tn (about $11bn), the fund has already committed to projects representing roughly ¥450bn (about $2.9bn). Assets will be developed and operated by Marq Logistics, Ares' vertically integrated platform managing around 120m square feet in Japan and more than 655m square feet globally. Ares Real Estate now manages about $121bn in assets across 38 offices.