Avatar Capital Partners Secures US$156 Million First Close for Fund II and Forms Strategic Partnership with GCM Grosvenor and Teacher Retirement System of Texas

Fund II is targeting US$300 million focused on the Japan living sector, following the full deployment of Fund I and five successful exits within just 12 months of its final closing.

CHICAGO and TOKYO and HONG KONG, Nov. 12, 2026 /PRNewswire/ -- Avatar Capital Partners ("ACP"), an Asia-based alternative asset management platform, today announced the successful first close of its Fund II, securing US$156 million in commitments, alongside a new strategic partnership with GCM Grosvenor and Teacher Retirement System of Texas ("TRS"). As part of the partnership, GCM Grosvenor's real estate practice, a leading middle market platform builder and GP stakes investor, and TRS will serve as anchor investors in Fund II and strategic partners supporting ACP's institutional expansion. These milestones underscore strong institutional support for ACP's Japan living sector strategy and mark a significant step in the firm's evolution as an institutional investment platform.

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 manages capital for a diversified group of institutional investors and family offices. To date, ACP has built a multifamily portfolio with a gross asset value of nearly US$850 million. Fund I was fully deployed within 12 months of closing and has completed five successful exits to date, underscoring ACP's differentiated sourcing capabilities and disciplined execution.

Fund II attracted commitments from a distinguished group of global institutional investors, led by a commitment of up to US$100 million from GCM Grosvenor and TRS. Fund II will build upon ACP's established strategy of capitalizing on the growing pipeline of off‑market opportunities across Japan's living sector. Supported by favorable demographic trends, sustained rental demand, accelerating rental growth, and an attractive financing environment, the sector continues to present compelling long-term investment opportunities.

"We are thrilled to welcome GCM Grosvenor and TRS as strategic partners." said Angel Li, Founding Partner at ACP. "Their support is a strong endorsement of our strategy and an important milestone in ACPs continued growth."

"Our deep local relationships provide access to opportunities beyond traditional sourcing channels," said Ryuta Ueda, Founding Partner at ACP. "We remain focused on disciplined execution and delivering attractive long‑term returns." Ronald Chiu, Founding Partner at ACP added: "Fund II positions us to capitalize on a growing pipeline of high‑quality opportunities across Japan's living sector."

"We are excited to partner with Angel, Ryuta, Ronald and the broader ACP team to help drive the firm's next phase of growth and expansion" said Peter Braffman, Managing Director at GCM Grosvenor. "They have built a differentiated platform with a compelling strategy in one of the most attractive residential markets globally." Danielle Even, Executive Director at GCM Grosvenor, added: "ACP's deep local relationships and sourcing capabilities set it apart. We see tremendous opportunity to build on that foundation and look forward to working closely with the team to scale the platform and accelerate its growth."

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About Avatar Capital Partners

Avatar Capital Partners (ACP) is an Asia-based asset management platform with a unique edge in alternative investments. The firm combines a disciplined investment philosophy with a focus on fundamental investing and sustainable solutions, positioning it to deliver exceptional results across market cycles. ACP's expertise in thematic investing and market insights has established it as a trusted partner in the private equity space. For more information, please visit: www.avatarcp.com.

About GCM Grosvenor
GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $97 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies. Specializing in alternatives for more than 50 years, the firm serves a global institutional and individual client base through a team of approximately 550 professionals. GCM Grosvenor is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul, and Sydney. For more information, visit gcmgrosvenor.com.

No assurance can be given that any investment will achieve its objectives or avoid losses.

SOURCE Avatar Capital Partners