Merrill Lynch, the US investment firm, said it is raising about $2.5 billion to $3 billion for a property fund focused on Asia, as part of a broader push to manage funds raised from third parties, according to Market Watch. Damian Chunilal, head of Merrill Lynch's Pacific Rim origination department, said the fund will invest in real estate in places such as Japan, Australia, India and other parts of Asia. Merrill Lynch is also exploring setting up other funds for infrastructure, real-estate and private equity, he said on the sidelines of the Boao Forum for Asia. He added that Merrill Lynch is also exploring setting up principal investment funds, where it raises outside funding, that it manages.