Goldman Sachs Adds PAG Veteran Komori to Growing Japan Real Estate Team

With Goldman Sachs in the midst of raising a $500 Japan real estate fund, the US finance giant has added some veteran leadership to its team in Tokyo.

Tomohiro Komori joined Goldman’s real estate investment division this month as a managing director, according to an internal memo seen by Mingtiandi, with the 20-year industry veteran expected to fortify the bank’s fundraising and client relationships.

Having previously served as a managing director with PAG in Tokyo, Komori led that firm’s real estate credit and private credit strategies in the country, according to the memo.

“In his new role, Tomohiro will lead sourcing efforts in Japan to grow our investing platform across the Value Add and Core investment strategies, and deepen our engagement with our expanding client base in the country,” the document stated.

Japan Enhancement

In addition to his experience at PAG, Komori has worked at Deutsche Bank Group and MUFG Bank, according to the statement, after graduating from Tokyo University of Science. 

As one of the longest-standing US investment banks active in Japan, Goldman Sachs has been investing in the country’s real estate market since 1995, and has recently been ramping up its involvement in managing third party capital investment in real assets there. 

Having notched a number of real estate deals in Japan in the last few years, Goldman Sachs is expected to reach a first closing on its $500 million value-add real estate fund before the end of March.

The new vehicle targets opportunities in Japanese data centres, rental residential, logistics and hospitality, according to sources familiar with the fundraising who spoke with Mingtiandi last month. 

Pan-Sector Approach

During 2024 the firm was active across a number of Japanese real estate sectors, including selling a set of office floors in the GranTokyo South Tower near the capital’s train station to East Japan Railway Co for more than JPY 50 billion (then $337 million), according to a report by Bloomberg.

Also during 2024, the Goldman team made a series of rental residential acquisitions, including picking up a set of Fukuoka apartments in November that year for JPY 12.7 billion. A few months earlier Goldman Sachs had acquired a set of eight rental residential properties in the Greater Tokyo area for around $80 million.

Japan ranked as Asia Pacific’s most active real estate investment market in 2025, with investors trading nearly $37 billion in income-earning properties in the country during the first three quarters of the year, according to MSCI.

Some of the market’s biggest deals came in the year’s waning weeks, with PAG and KKR announcing their JPY 477 billion ($3 billion) purchase of Sapporo Real Estate just before Christmast. Also in late December, Blackstone said that it was making Japan’s largest logistics acquisition of 2025 with a JPY 100 billion deal for a Tokyo warehouse.