Key Takeaways
- • Avatar Capital Partners (ACP) announced a US$156 million first close of its Fund II, which targets US$300 million for Japan's living sector.
- • GCM Grosvenor and the Teacher Retirement System of Texas (TRS) will serve as anchor investors, with a commitment of up to US$100 million led by GCM Grosvenor and TRS.
- • ACP's Fund I closed in July 2025 at US$105 million, was fully deployed within 12 months, and has completed five exits.
- • ACP manages a multifamily portfolio with gross asset value of nearly US$850 million, led by Founding Partners Angel Li, Ryuta Ueda and Ronald Chiu.
Summary
Asia-based alternative asset manager Avatar Capital Partners (ACP) has announced the first close of its Fund II, securing US$156 million in commitments, according to a PR Newswire release. The fund is targeting US$300 million and will focus on Japan's living sector, building on the firm's strategy of pursuing off-market opportunities across the market.
The close is anchored by a strategic partnership with GCM Grosvenor, specifically its real estate practice, and the Teacher Retirement System of Texas (TRS). Both will serve as anchor investors, with a commitment of up to US$100 million led by GCM Grosvenor and TRS. The release describes GCM Grosvenor as a middle market platform builder and GP stakes investor, and it states that the partnership is intended to support ACP's institutional expansion. GCM Grosvenor (Nasdaq: GCMG) reports approximately US$97 billion in assets under management.
ACP is led by Founding Partners Angel Li, Ryuta Ueda and Ronald Chiu, who have worked together since 2010. The firm closed Fund I in July 2025 with US$105 million and reports that the fund was fully deployed within 12 months and has completed five successful exits. To date, ACP has built a multifamily portfolio with a gross asset value of nearly US$850 million. The release attributes the sector thesis to favorable demographics, sustained rental demand, accelerating rental growth and an attractive financing environment.
Executives from both sides emphasized the strategic rationale. Angel Li called the commitments a strong endorsement of ACP's strategy. Ryuta Ueda cited the firm's deep local relationships as a source of opportunities beyond traditional sourcing channels. Peter Braffman, Managing Director at GCM Grosvenor, described ACP as having a differentiated platform in one of the most attractive residential markets globally, and Danielle Even, Executive Director at GCM Grosvenor, cited the firm's sourcing capabilities as a basis for scaling the platform.
The close is anchored by a strategic partnership with GCM Grosvenor, specifically its real estate practice, and the Teacher Retirement System of Texas (TRS). Both will serve as anchor investors, with a commitment of up to US$100 million led by GCM Grosvenor and TRS. The release describes GCM Grosvenor as a middle market platform builder and GP stakes investor, and it states that the partnership is intended to support ACP's institutional expansion. GCM Grosvenor (Nasdaq: GCMG) reports approximately US$97 billion in assets under management.
ACP is led by Founding Partners Angel Li, Ryuta Ueda and Ronald Chiu, who have worked together since 2010. The firm closed Fund I in July 2025 with US$105 million and reports that the fund was fully deployed within 12 months and has completed five successful exits. To date, ACP has built a multifamily portfolio with a gross asset value of nearly US$850 million. The release attributes the sector thesis to favorable demographics, sustained rental demand, accelerating rental growth and an attractive financing environment.
Executives from both sides emphasized the strategic rationale. Angel Li called the commitments a strong endorsement of ACP's strategy. Ryuta Ueda cited the firm's deep local relationships as a source of opportunities beyond traditional sourcing channels. Peter Braffman, Managing Director at GCM Grosvenor, described ACP as having a differentiated platform in one of the most attractive residential markets globally, and Danielle Even, Executive Director at GCM Grosvenor, cited the firm's sourcing capabilities as a basis for scaling the platform.
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