Secured Capital holds first close on $1bn target fund

Secured Capital, the Tokyo-based real estate investor, has held a first close at $175 million for its latest vehicle, a Japan-focused opportunity fund that has a target of $1 billion. Secured Capital Real Estate Partners V will focus on distressed and debt opportunities primarily in Japan, although about 30% of its capital can be invested in China if suitable deals arise.   Most of the allocations in the fund’s first close stem from the Tokyo-based firm's existing investors, inc…