CLI establishes two onshore RMB funds totalling about RMB4bil to invest in business parks in China

Third-party capital of RMB3.2bil raised from 10 new domestic investors for the two private funds
By: CapitaLand Investment Limited
 
SINGAPORE - Nov. 3, 2022 - PRLog -- CapitaLand Investment Limited (CLI) has established two new onshore renminbi (RMB) funds, China Business Park Core RMB Fund I (CBPCF I) and CBPCF II to invest in business park opportunities in China.  CBPCF I is a RMB380 million (S$76 million) fund established with four new domestic investors and CBPCF II is a RMB3.6 billion (S$720 million) fund established with six new domestic investors.  CLI has raised RMB3.2 billion (S$640 million) in third-party capital for the two funds.  They are CLI's first business park private funds in China and will add over RMB8.2 billion (S$1.6 billion) to CLI's funds under management (FUM) when fully deployed.  Aligned with its asset-light strategy to grow its FUM, CLI will hold a 10% and 20% stake in the funds respectively.

Mr Puah Tze Shyang, CEO of CLI China, said: "With the launch of our first RMB fund in June 2022 and now with CPBCF I and CPBCF II, CLI has raised close to RMB4 billion (S$780 million) of onshore capital from Chinese institutional investors.  Our close to 30 years of on-the-ground experience and strong fund and asset management track record in China have enabled us to tap domestic capital to support our onshore investment management activities.  Leveraging our deal-sourcing capabilities, we secured a quality office asset, which was a special situation opportunity, for our first RMB fund.  We are expanding our RMB funds to acquire business parks which have proven to be resilient in operating performance.  We remain confident in the long-term prospects of China given the size of its economy, and will continue to leverage the increasing pool of domestic capital to grow our business in China."

Mr Simon Treacy, CEO of Private Equity Real Estate, Real Assets, CLI, said: "CLI is accelerating its onshore RMB capital raising momentum at a time when it is becoming increasingly important for investment managers to build up domestic fund-raising capabilities.  CBPCF I and CBPCF II bring 10 new investors including securities firms, trust companies, state-owned enterprises and insurers into CLI's network of capital partners.  They demonstrate our ability to execute our growth strategies whilst diversifying our capital pool with high quality Chinese partners."

For full release: https://bit.ly/CBPCFEm

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