The Thai tycoon heads a $100 million fund for real estate in Southeast Asia.

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One of the members of the richest family in Thailand has become a partner of a Hong Kong active management firm to invest in luxury real estate in Southeast Asia. Chachawal Jaravanon, part of the billionaire family that owns the Charoen Pokphand Group conglomerate, is leading a group of investors in the CMAG fund, a new investment pool managed by Wonder Capital Group. Together with the Thai real estateagency IFCG, they are targeting luxury properties in the region and plan to raise up to $100 million, said Gigi Chan, founder and CEO of Wonder Capital.

“We truly believe that the Southeast Asian market is one of the most promising opportunities for global investors,” Ms. Chan said in a statement.

The first investment of CMAG will be in the Mesong building, the tallest building in Cambodia. CMAG will become the main shareholder of the 71-story mixed-use tower, a development project by Wonder Capital, which is expected to be completed by 2025.

In the global real estate market, there has been a decline over the past year, particularly due to rising interest rates, which has led to vacant office buildings and deterred new buyers.

However, Mr. Chachaval, who also owns Fortune magazine, sees the new fund as a long-term opportunity in a market he knows well.

“Regardless of the interest rate, the demand for luxury real estate will always be present,” Mr. Chachaval said in a Zoom interview. “The luxury market is essential not only for the local market but also for international clients, so I am quite optimistic about luxury real estate in Southeast Asia.”