THE fourth in PGIM Real Estate's series of Asia-Pacific value-add funds has raised US$970 million, and is in advanced discussions for additional commitments that would take the capital raise to over US$1 billion.

The fund, AVP IV, had an original target of 650 million euros or about US$789 million, said Benett Theseira, head of Asia-Pacific for PGIM Real Estate, in an interview with The Business Times (BT).

That the capital raise has exceeded its initial target is an indication that investors "see a significant opportunity in the region's recovery from the Covid-19 pandemic", according to PGIM Real Estate.