The latest in funds and investments across Asia-Pacific.

Odyssey Asset Management
Odyssey Asset Management has launched a fund targeted at Japan’s luxury hotels, tapping into what it sees as a structural shortage of such real estate ahead of the country hosting the Olympic Games in 2020. 

The Odyssey Japan Boutique Hospitality structure is a closed-ended Cayman fund that targets an internal rate of return of 15 per cent which includes an 8 per cent per annum bi-annual preferred dividend. The fund has a minimum equity size of $100 million; individual investors must put in at least $250,000 and institutions $1.0 million, Odyssey said in a statement. The fund’s reference currency is the yen. Debt capital will be in yen and the fund has a maximum loan-to-value level of 60 per cent to contain leverage. 

The fund holds its first closing in the third quarter of this year. It will run for five years from its final closing, with an option to extend at the manager’s discretion.