Aquilius Investment Partners has raised $1.1 billion (Rs 91.6 billion) for its second Asia-Pacific real estate secondaries fund, making it the region’s largest fund of its kind, the Singapore-based investment firm announced on Monday.

The fundraising includes over $750 million (Rs 62.5 billion) for the AIP Secondary Fund II and associated vehicles, surpassing its original target of $700 million (Rs 58.3 billion). The firm had raised over $400 million (Rs 33.3 billion) for its first fund in 2023. About half of the new capital has already been deployed across eight transactions, Aquilius said in its statement.

Secondaries — deals in which investors buy existing stakes in private funds — are among the fastest-growing alternative investment strategies globally. According to Preqin, global alternative assets are forecast to reach $29.2 trillion by 2029, with the secondaries segment expected to expand at an annual rate of 13.1 per cent, driven by slower fund exits and growing private wealth participation.

Founded in 2021 by former Partners Group and Blackstone executives, Aquilius now operates Asia’s largest real estate secondaries platform, employing 30 professionals across the region.

“One-third of global private market assets under management are in Asia, yet less than 10 per cent of secondaries capital is focused here,” said Christian Keiber, founding partner at Aquilius. “Combine that with slower exits, heightened uncertainty, and evolving regulation, and you have a generational buying opportunity.”

Bastian Wolff, also a founding partner, added that most of the firm’s investors are sovereign wealth funds and pension funds based in Asia and the Middle East. “Their proximity to and understanding of the market opportunity were key drivers of confidence in our strategy and platform,” he said.

The remaining capital will be deployed to build diversified exposure across Japan, Korea, India, and Australia, with a focus on new-economy sectors such as logistics, data centres, and living spaces.

Aquilius’ latest fundraising underscores Asia’s growing importance in the global secondaries market, as institutional investors seek liquidity solutions and strategic exposure to the region’s expanding real estate and infrastructure sectors.