Franklin Templeton Real Estate Advisors has launched its second real estate fund in Asia following the success of a similar fund.

Asian Real Estate Fund 2 will have the same structure as the first, the company said in a release. The private close-end fund will focus on real estate funds in the region, but will not invest in listed securities or direct property.

"We are seeing a new crop of local emerging managers appear and are devoting significant time to uncovering these unique investment opportunities for our investors," said Glenn Uren, the firm's managing director.

Mr Uren will be accompanied by Jack Foster, the head of global real estate for the fund, and will be supported by Wenning Jung, Franklin Templeton's vice president and 11 other private real estate investment executives.

Its predecessor closed with over $420 million from Australian and European investors.