{"id":36749,"date":"2025-09-09T10:33:16","date_gmt":"2025-09-09T02:33:16","guid":{"rendered":"https:\/\/www.aprea.asia\/?p=36749"},"modified":"2025-09-09T11:06:06","modified_gmt":"2025-09-09T03:06:06","slug":"new-friction-index-reveals-how-operational-barriers-are-reshaping-asia-pacifics-131b-real-asset-boom","status":"publish","type":"post","link":"https:\/\/www.aprea.asia\/ja\/new-friction-index-reveals-how-operational-barriers-are-reshaping-asia-pacifics-131b-real-asset-boom\/","title":{"rendered":"\u30a2\u30b8\u30a2\u592a\u5e73\u6d0b\u5730\u57df\u306e$131B\u5b9f\u7269\u8cc7\u7523\u30d6\u30fc\u30e0\u3092\u5f62\u6210\u3059\u308b\u904b\u7528\u4e0a\u306e\u969c\u58c1\u3092\u660e\u3089\u304b\u306b\u3059\u308b\u65b0\u3057\u3044\u6469\u64e6\u6307\u6570"},"content":{"rendered":"<p>The Index tracks sources of \u201cfriction\u201d across markets, highlighting sector shifts and emerging strategies for investors.<\/p>\n\n\n\n<p><strong>Singapore, 9 September 2025 <\/strong>\u2013 Vistra, a leading global fund services provider, in partnership with the Asia Pacific Real Assets Association (APREA), today announced the findings of their inaugural&nbsp;<strong>Vistra Fund Solutions Friction Index 2025<\/strong>, a comprehensive white paper on investment opportunities and operational hurdles in Asia Pacific (APAC) real assets.<\/p>\n\n\n\n<p>The report, drawing on insights from over 100 industry leaders across more than 10 core markets, uncovers a defining market paradox: the sectors and geographies with the highest investment potential also present the most severe operational challenges, or \u201cfriction,\u201d that are reshaping investment strategies.<br><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Investment soars, but capital shifts decisively<\/strong><\/p>\n\n\n\n<p>APAC real estate investment surged 23% year-on-year in 2024 to a historic US$131.3 billion. However, this capital is decisively shifting away from traditional assets. Data centres, logistics and industrial sectors are the undisputed top picks for investment upside, driven by digitalisation and AI. Data centre transaction volume exploded to US$1.1 billion in Q2 2025 alone, a nearly 7x increase from US$157 million in Q2 2024. Conversely, traditional office and retail assets are consistently ranked lowest by investors.<br><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Value-add and opportunistic strategies dominate as investors seek alpha to offset friction<\/strong><\/p>\n\n\n\n<p>The pursuit of returns capable of overcoming operational hurdles is driving capital towards more complex strategies. Opportunistic (30%) and value-add (29%) approaches dominated global fundraising in H1 2025. This aligns with the Index\u2019s finding that investors are pivoting to active management, a trend evident in APAC with Japan\u2019s focus on living\/hospitality assets and MSCI data showing a rise in office conversions (45% in 2024, up from 41%). These strategies, while high-friction, are seen as a primary path to alpha.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Growth friction: the brake on returns<\/strong><\/p>\n\n\n\n<p>The report identifies \u201cgrowth friction\u201d \u2013 including regulatory complexity, tax regimes, and a lack of data transparency \u2013 as the critical factor separating successful investors from the rest.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Regulatory hurdles:<\/strong>&nbsp;The top frustration for investors (62% of whom operate across multiple markets) is navigating complex and unclear regulations, political risk, a lack of transparency and deal-sourcing difficulties.&nbsp;<\/li>\n\n\n\n<li><strong>Data transparency:<\/strong>&nbsp;49% of investors find obtaining reliable real-time performance data across APAC portfolios \u201cdifficult\u201d or \u201cvery difficult.\u201d<\/li>\n\n\n\n<li><strong>Outsourcing demand:<\/strong>&nbsp;62% of investors want to outsource regulatory reporting, with 59% seeking help for SPV management, signaling widespread frustration.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Surprising friction in \u201csafe haven\u201d markets<\/strong><\/p>\n\n\n\n<p>The Index challenges stereotypes, revealing significant operational friction in developed markets often perceived as low-risk:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb<\/strong>&nbsp;While 88% of firms operate there for its stability, 21% cite talent shortages in fund administration.<\/li>\n\n\n\n<li><strong>\u30aa\u30fc\u30b9\u30c8\u30e9\u30ea\u30a2<\/strong>&nbsp;Contradicting its \u201ceasy\u201d reputation, 37% of investors flag its tax regime as a major barrier to entry.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Navigating the paradox: AI, ESG, and local expertise<\/strong><\/p>\n\n\n\n<p>Investors are adapting by leveraging new tools and strategies:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>AI as an enabler:<\/strong>&nbsp;65% of investors see AI having the greatest impact on overcoming friction in deal sourcing and market intelligence.<\/li>\n\n\n\n<li><strong>ESG integration:<\/strong>&nbsp;65% view ESG as \u201cimportant\u201d to \u201cextremely important,\u201d confirming its move to a core investment mandate.<\/li>\n\n\n\n<li><strong>The strategic shift:<\/strong>&nbsp;The traditional fund model is breaking down. Investors are increasingly pursuing direct acquisitions, joint ventures, and investments in real asset operating companies to gain control and mitigate operational risks.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>A new framework for APAC investment<\/strong><\/p>\n\n\n\n<p>A unique output of the Index is the \u201cOpportunity-Friction\u201d quadrant, which classifies markets not by traditional developed\/emerging lines, but by their potential versus their operational complexity (e.g., Hong Kong = High Opportunity, Low Friction; India = High Opportunity, High Friction). This provides a nuanced guide for capital allocation based on an investor\u2019s risk tolerance and operational capability.<\/p>\n\n\n\n<p>\u201cWhile investment volumes are hitting record levels, our Index reveals that operational frictions are driving sector shifts and emerging strategies for investors,\u201d said <strong>Abdel Hmitti, President, Vistra Fund Solutions<\/strong>. \u201cSuccess is no longer just about picking the right asset; it\u2019s about having the expertise to navigate the complex operational landscape that comes with it. For investors equipped with the right insights and partners \u2013 local expertise, technology, and adaptive fund structures \u2013 operational friction can be turned into a competitive advantage. The growth potential is extraordinary.\u201d<\/p>\n\n\n\n<p><strong>Sigrid Zialcita, Chief Executive Officer, APREA<\/strong>, said:&nbsp;&#8220;The Friction Index 2025 provides a practical view of the dynamics shaping real asset strategies and a critical playbook for those in the investment ecosystem. It moves the conversation beyond sheer opportunity to the practical execution challenges that defines investment success. As APREA marks its 20th year in 2025, this Index underscores our commitment to empowering our members and the industry to navigate an increasingly complex investment landscape.&#8221;<\/p>\n\n\n\n<p><strong>Download the full report:<\/strong> The complete&nbsp;<em>Vistra Fund Solutions Friction Index 2025: Investment opportunities and hurdles in Asia Pacific real assets<\/em>&nbsp;white paper is available for download <a href=\"https:\/\/www.vistra.com\/funds\/vistra-fund-solutions-friction-index-2025\">\u3053\u308c<\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>For further information, please contact:&nbsp;<\/p>\n\n\n\n<p><strong>Ellie King&nbsp;<\/strong><br><a href=\"mailto:media.enquiries@vistra.com\">media.enquiries@vistra.com<\/a><\/p>\n\n\n\n<p><strong>Rodrigo Dela Pena<\/strong><strong><br><\/strong><a href=\"mailto:rodrigo.delapena@aprea.asia\">rodrigo.delapena@aprea.asia<\/a>&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>About Vistra&nbsp;<\/strong><\/p>\n\n\n\n<p>Vistra is a leading provider of essential business services to help companies and private capital funds grow across the entire business and investment lifecycle.<\/p>\n\n\n\n<p>Here at Vistra, <strong>our purpose is progress<\/strong>. As a close ally to our clients, our role is to remove the friction that comes from the complexity of global business. We partner with companies and private capital managers along the corporate and private capital lifecycle. From HR to tax and from legal entity management to regulatory compliance, we quietly fix the operational and administrative frustrations that hamper business growth. With over 9,000 experts in more than 50 markets, we can accelerate progress, improve processes, and reduce risk, wherever your ambition takes you.<\/p>\n\n\n\n<p>For more information about Vistra, visit <a href=\"https:\/\/www.vistra.com\/\">vistra.com<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>APREA\u306b\u3064\u3044\u3066&nbsp;<\/strong><\/p>\n\n\n\n<p>2025 holds special significance for the Asia Pacific Real Assets Association (APREA), as we mark 20 years of championing the institutional real assets industry across APAC. Over the past two decades, APREA has grown into the pre-eminent regional representative for the industry, with active members spanning global institutional investors and asset managers, developers, real estate investment trust (RElTs), pension, insurance, and sovereign wealth funds, family office platforms, and consultants. We have seven chapters that encompass the region, covering Singapore, China, India, Japan, Hong Kong, Australia, and other markets. Collectively, our members manage more than USD 20 trillion of real assets and utilise the APREA platform to promote real estate and infrastructure as the preferred investment asset class across APAC and beyond.<\/p>\n\n\n\n<p>For more information about APREA, visit <a href=\"https:\/\/www.aprea.asia\/ja\/\">aprea.asia<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>The Index tracks sources of \u201cfriction\u201d across markets, highlighting sector shifts and emerging strategies for investors. Singapore, 9 September 2025 \u2013 Vistra, a leading global fund services provider, in partnership with the Asia Pacific Real Assets Association (APREA), today announced the findings of their inaugural&nbsp;Vistra Fund Solutions Friction Index 2025, a comprehensive white paper on investment opportunities and operational hurdles in Asia Pacific (APAC) real assets. The report, drawing on insights from over 100 industry leaders across more than 10 core markets, uncovers a defining market paradox: the sectors and geographies with the highest investment potential also present the most severe operational challenges, or \u201cfriction,\u201d that are reshaping investment strategies. <a href=\"https:\/\/www.aprea.asia\/ja\/new-friction-index-reveals-how-operational-barriers-are-reshaping-asia-pacifics-131b-real-asset-boom\/\" class=\"more-link\">\u2026<span class=\"screen-reader-text\">  \u30a2\u30b8\u30a2\u592a\u5e73\u6d0b\u5730\u57df\u306e$131B\u5b9f\u7269\u8cc7\u7523\u30d6\u30fc\u30e0\u3092\u5f62\u6210\u3059\u308b\u904b\u7528\u4e0a\u306e\u969c\u58c1\u3092\u660e\u3089\u304b\u306b\u3059\u308b\u65b0\u3057\u3044\u6469\u64e6\u6307\u6570<\/span><\/a><\/p>","protected":false},"author":4380,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-36749","post","type-post","status-publish","format-standard","hentry","category-media-centre"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Friction Index reveals how operational barriers are reshaping Asia Pacific\u2019s $131B real asset boom - Asia Pacific Real Assets Association<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aprea.asia\/ja\/new-friction-index-reveals-how-operational-barriers-are-reshaping-asia-pacifics-131b-real-asset-boom\/\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Friction Index reveals how operational barriers are reshaping Asia Pacific\u2019s $131B real asset boom - Asia Pacific Real Assets Association\" \/>\n<meta property=\"og:description\" content=\"The Index tracks sources of \u201cfriction\u201d across markets, highlighting sector shifts and emerging strategies for investors. Singapore, 9 September 2025 \u2013 Vistra, a leading global fund services provider, in partnership with the Asia Pacific Real Assets Association (APREA), today announced the findings of their inaugural&nbsp;Vistra Fund Solutions Friction Index 2025, a comprehensive white paper on investment opportunities and operational hurdles in Asia Pacific (APAC) real assets. The report, drawing on insights from over 100 industry leaders across more than 10 core markets, uncovers a defining market paradox: the sectors and geographies with the highest investment potential also present the most severe operational challenges, or \u201cfriction,\u201d that are reshaping investment strategies. ... 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Singapore, 9 September 2025 \u2013 Vistra, a leading global fund services provider, in partnership with the Asia Pacific Real Assets Association (APREA), today announced the findings of their inaugural&nbsp;Vistra Fund Solutions Friction Index 2025, a comprehensive white paper on investment opportunities and operational hurdles in Asia Pacific (APAC) real assets. The report, drawing on insights from over 100 industry leaders across more than 10 core markets, uncovers a defining market paradox: the sectors and geographies with the highest investment potential also present the most severe operational challenges, or \u201cfriction,\u201d that are reshaping investment strategies. ... 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