Merrill Lynch, the US investment firm, said it is raising $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 MarketWatch. Damian Chunilal, head of Merrill Lynch's Pacific Rim origination department, said the fund will invest in real estate in 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 said Merrill Lynch is also exploring setting up principal investment funds.