Ares Management Corp has raised ¥612 billion ($3.8 billion) for its latest Japan-focused logistics development fund, marking the largest closed-end institutional fundraise by its real estate business. The fund, Japan Logistics Development Partners V LP, closed at nearly 50% larger than its 2021 predecessor, according to a statement by the alternative asset manager. Ares Real Estate managed approximately $121 billion of assets globally at the end of June.

The fundraise reflects strong institutional demand for logistics infrastructure in Japan, positioning Ares as a leading player in the region’s industrial real estate sector. This latest vehicle builds on the firm’s prior success in Japanese logistics, which has seen growing interest from global investors seeking stable, long-term returns amid supply chain resilience trends. Ares continues to expand its real estate platform across key global markets, with Japan remaining a strategic focus for development and acquisition activities.