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With all of the navel gazing at what went wrong and how we can not borrow, there is still money out there. Really.

Merrill Lynch, now part of Bank of America, has raised 2.65 billion dollars for an Asian real estate fund. As we have said, if you have cash this is a great time to make money. If you have too much credit, you are going to be struggling.

That is why Merrill itself imploded but their investors are ready to make some serious money.

Merrill’s fund is among the biggest to be raised for Asian property this year, though slightly smaller than a $3 billion fund announced by LaSalle Investment Management in August and a $3.9 billion fund raised by MGPA, a company partly owned by Macquarie Bank.

After stocks fell recently, some investors are now suffering the “denominator effect,” in which percentage allocations to nonequity asset classes, including property, tend to rise too high. The result is that some investors are expected to sell real estate, putting more assets on the market.

The Merrill Lynch Asian Real Estate Opportunity fund would mainly invest in Japan, China, India and South Korea, but would also consider Southeast Asia and Australia, the bank, which is being taken over by Bank of America, said in a statement Tuesday. via International Herald Tribune

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