Ares Management closed its fifth Japan logistics development fund at JPY 612 billion ($4 billion). The raise hit its hard cap, led by Canada Pension Plan Investment Board.
Known as Japan Logistics Development Partners V, the vehicle is the largest closed-end institutional fund raised by the Los Angeles firm’s real estate arm. It grew nearly 50 percent beyond its JPY 412 billion predecessor from 2021.
CPPIB committed JPY 150 billion as cornerstone backer, taking a 24.5 percent stake. Other capital came from sovereign wealth funds, insurers and pension systems across North America, Asia-Pacific, Europe and the Middle East.
Expanding the Marq Logistics Footprint
This close follows the integration of GLP’s international fund management business, which Ares bought for $3.7 billion through GCP International in March 2025. That deal handed Ares the Japan logistics series along with digital infrastructure assets under Ada Infrastructure.
Marq Logistics will build and manage facilities under the fund. Ares created the platform to oversee its industrial assets. As of June, Marq operated 120 million square feet of warehouse space across Japan and 655 million square feet globally.
Pipeline Across Core Metro Hubs
Institutional capital continues to target Japanese logistics space because corporate supply chains face structural warehouse shortages along major metropolitan transport corridors. CPPIB has backed every JDP vintage since 2011. That track record makes it one of the longest institutional partnerships in Asia-Pacific industrial real estate.
Total investment capacity for the vehicle reaches JPY 1.7 trillion ($11 billion), focused on Greater Tokyo, Greater Osaka and Nagoya. Ares has committed JPY 450 billion, or about 26 percent of that capacity, to initial projects ahead of site acquisitions in the coming quarters.







