Ares Closes $4B Japan Logistics Fund
Ares Management has closed its fifth Japan-focused logistics development fund with ¥612 billion, or approximately $4 billion, making it the largest closed-end institutional fundraise in Ares Real Estate’s history.
Japan Logistics Development Partners V reached its hard cap with limited-partner commitments and capital from Ares. The fund is nearly 50% larger than the ¥412 billion raised by its 2021-vintage predecessor.
CPP Investments committed ¥150 billion, or about $968 million, making the Canadian pension investor the fund’s cornerstone backer. CPP Investments helped establish the JDP series in 2011 and has participated in all five vintages.
Other investors included pension systems, sovereign wealth funds, insurers and financial institutions from North America, Asia-Pacific, Europe and the Middle East.
JDP V will develop modern logistics facilities in Greater Tokyo, Greater Osaka, Nagoya and other major Japanese markets. With leverage and related capital, the fund has approximately ¥1.7 trillion, or $11 billion, of total investment capacity.
It has already committed to projects representing roughly ¥450 billion of investment.
The properties will be developed and operated by Marq Logistics, Ares’ vertically integrated logistics platform. As of June 30, Marq managed approximately 120 million square feet in Japan and more than 655 million square feet globally.
The fundraise follows Ares’ March 2025 acquisition of GCP International, which substantially expanded its Asian real estate operations. Ares Real Estate managed approximately $121 billion as of June 30, while the company’s global platform had more than $671 billion in assets.
“Japan remains one of the most attractive logistics markets globally, supported by long-term structural demand for modern supply-chain infrastructure,” said Yoshiyuki Chosa, Ares partner and head of Japan real estate.
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