At a glance
- Fund I closed at $105 million in July 2025.
- The first close is nearly 50% larger than Fund I's $105 million final close.
- For allocators, ACP says Fund I was fully invested within 12 months of closing and reports five exits to date, shortening the wait for evidence that the Japan living strategy works.
Avatar Capital Partners raised $156 million in a first close for Fund II, with GCM Grosvenor and the Teacher Retirement System of Texas anchoring the Japan living-sector vehicle. Fund I closed at $105 million in July 2025.
The first close is nearly 50% larger than Fund I's $105 million final close. GCM Grosvenor and TRS committed up to $100 million, according to IREI, and will be strategic partners supporting ACP's institutional expansion.
For allocators, ACP says Fund I was fully invested within 12 months of closing and reports five exits to date, shortening the wait for evidence that the Japan living strategy works.
ACP is led by founding partners Angel Li, Ryuta Ueda and Ronald Chiu, who have worked together since 2010. The manager reports a multifamily portfolio with gross asset value of nearly $850 million. GCM Grosvenor reported $95.5 billion in regulatory assets in a June 30 Form ADV filing.
Reported by the Fundraising desk from IREI and Form ADV (SEC IAPD). Published . Corrections