Real estate-focused private equity fund manager Gaw Capital Partners has reached a first close for Gateway Real Estate Fund VI with US$1.3 billion in capital commitments and raised a further US$650 million for co-investment opportunities. Approximately 50 percent of the new fund will be invested in Greater China while the remaining half will be invested in select Asian markets, including Japan, Korea, Australia, Singapore and Vietnam. Gaw has reportedly set a hard cap of US$2 billion for the fund, which does not include capital raised for co-investments.