GIC’s former Japan head sets sights on 25 billion yen fund to target residential properties in Japan

PATIENCE Capital Group, the real estate investment manager helmed by Ken Chan, former Japan head of Singapore sovereign wealth fund GIC, is raising a new 25 billion yen (S$225.5 million) fund focused on residential properties in Japan.

This comes off the back of Patience Capital’s first residential fund, the Japan Residential Opportunities Fund, which closed at 15 billion yen in 2020 with a shorter-than-usual fund life of five years. This fund is already divesting assets and returning capital to investors, with the portfolio peaking at about 45 billion yen.

Of the 21 buildings in the first residential fund, seven have been sold, with 10 more on the block in the next couple of months.