Mapletree Investments raked in more than $500 million in equity commitments for the first close of its logistics fund for emerging Asian markets, according to a Tuesday statement.

The commitments include $250 million from the first close of the Mapletree Emerging Growth Asia Logistics Private Trust (MEGA), and another $250 million from a joint venture and direct co-investments for Malaysian projects, drawing investors across sovereign wealth funds, a pension fund, and a national investment company.

MEGA will fund logistics projects across Malaysia, Vietnam, and India, where an undersupply of institutional-grade logistics space drives demand for modern facilities, Mapletree said.

The fund's initial seeded portfolio includes four development projects in Malaysia, one in India, and two warehouses in Vietnam. Once the fund is fully deployed, total investment value is targeted to reach $2.1 billion.

MEGA is targeting an internal rate of return targeted above the mid-teens level.

Mapletree is looking to raise another $200 million during MEGA's second close by early next year.

Among Mapletree's listed trusts is the Mapletree Logistics Trust (SGX:M44U), which handles 175 properties in nine Asia-Pacific markets with a 96.9% occupancy.