Perry Tan, Founder and Managing Director, Pegasus Capital
Perry Tan is the Founder and Managing Director of Pegasus Capital, a dedicated Japan real estate investment manager focusing on the living sector.
Prior to founding Pegasus, Perry worked at multiple Award-Winning hedge funds, including long/short equity, deep-dive fundamental special situations and friendly activist investment funds partaking in multiple asset classes.
In 2016, Perry started real estate investments in Japan with his own capital, identifying the high cash yields, low cost of funding, the mature investor universe and the opaque information flow as an ideal hunting ground for investment opportunities. The early investment success in addition to the networks established led to the creation of Pegasus Capital.
Perry graduated from the University of Chicago with a BA in Economics. He also holds professional qualifications including the CFA, CAIA and FRM charters.
Pegasus Capital is a dedicated Japan real estate investment manager focused on the living and hospitality sectors.
Founded in 2018, Pegasus has successfully sourced, acquired, and executed multiple transactions with gross assets amounting to USD150 million with successful exits in its earlier funds achieving over 40% IRR.
We oversee two strategies – Opportunistic and Core-Plus – and are currently managing three funds serving HNWI, family offices, and institutional investors such as BGO Strategic Partners.
At Pegasus, our competitive edge lies in our deep on the ground network in Japan – spanning from our strategic relationships with J-REITs and listed corporates, to hotel operators and trust banks. This enables us to source proprietary off-market opportunities, prior to the assets being put up on the market via brokers.
Through identifying unperforming assets and targeting motivated sellers, we outline a repositioning strategy to unlock value and deliver risk-adjusted returns for our investors.
As of 2025 Q1, Pegasus’ portfolio includes 12 hotels and 1 private lodging building across gateway cities in Japan.
Pegasus’ multidisciplinary approach and diverse background is the key to its investment success. Team members have backgrounds covering a broad range from real estate experience, to understanding corporate KPIs, tracking the capital markets and an eye for special situations investing.
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