About This Fund
CapitaLand Ascott Residence Asia Fund II (CLARA II) is a value-add private real estate fund managed by CapitaLand Investment Limited (CLI), one of Asia's largest diversified real estate investment managers with over S$134 billion in assets under management. Established in February 2024 with a first close backed by global institutional investors from Europe and Asia, the fund achieved its final close on November 5, 2025, securing over US$650 million in total equity commitments and co-investments, exceeding its US$600 million equity target. When fully deployed, CLARA II is expected to add approximately US$1.6 billion to CLI's funds under management. CLI retains a 20% sponsor stake, aligning manager and investor interests in line with CLI's asset-light strategy.
CLARA II invests in serviced residences and coliving properties in gateway cities across developed Asia Pacific markets, with a mandate to transform underutilised assets into high-performing, green-certified living and lodging properties. The fund leverages The Ascott Limited's operational expertise, as Ascott is one of the world's largest serviced residence operators with over 900 properties across 40+ countries, to drive asset enhancement, repositioning, and performance improvement. As of final close, the portfolio comprised three assets: lyf Shibuya Tokyo and Citadines Shinjuku Tower Tokyo in Japan, and lyf Bugis Singapore, with approximately half of committed equity already deployed.
CLARA II is the successor to the original CapitaLand Ascott Residence Asia Fund, reflecting CLI's deepening conviction in the structural growth of the living and lodging sector across Asia Pacific. The fund attracted capital from a diverse pool of institutional investors, pension funds, and financial institutions from Asia, Europe, and North America. CLI's 32-fund global platform and Ascott's operational track record as a leading hospitality and lodging operator provide a strong institutional foundation for repositioning lodging assets in high-demand gateway markets throughout the region.