TOKYO—In June 2010, New York City-based Fortress Investment Group LLC closed its Fortress Japan Opportunity Domestic Fund at its cap of $800 million. Through year-end 2011, the fund had invested over 81.1 billion in commitments and recalled capital, while generating over ¥46.1 billion of proceeds to the fund. The fund has invested primarily in real estate-related debt and other assets in Japan.

According to the firm, “The opportunity set remains robust.” Thomas Pulley, co-chief investment officer of Fortress Japan, notes that it continues to benefit from its partnership with Nomura Real Estate Asset Management Co. Fortress isn't the only one eying Japan. Goldman Sachs Group is looking at office, retail and some residential properties mainly in the Tokyo metropolitan area, according to reports. In July, according to Shigeki Kiritani, the president of Goldman Sachs Asset Management, Goldman secured three Tokyo properties for $313 million.

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