Secured Capital Japan Co., backed by clients including the California Public Employees’ Retirement System, is raising $1 billion to buy properties from distressed sellers as Japan’s real-estate market weakens. Secured Capital, with 550 billion yen ($5.2 billion) of real-estate assets, has already raised half of the new fund, Chief Investment Officer John Paul Toppino said…
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Private equity management and advisory firm SVG Advisers has raised US$200 million to invest in a diversified portfolio of p.e. funds with a track record. Like previous SVGA funds of funds, SVG Asia Fund of Funds will have an over-commitment strategy enabling it to commit up to US$260 million to 12 to 15 funds… TPG is putting the new capital, all of it raised this year, to work across three funds — $19.8 billion for its sixth flagship buyout fund, a roughly $6 billion financial-services investment vehicle and a $4 billion Asian fund…. Platinum Equity Capital Partners II, which had an initial target of $1.5 billion, closed with $2.75 billion….According to a release from Los Angeles-based Platinum, investors in the new fund include a diverse cross-section of public and private pension funds, financial institutions, university endowments and trusts in North America, Europe and Asia… Boston-based AEW Capital Management has closed a vehicle focused on Southeast Asia, Hong Kong and China with a total of $557.8 million (€360 million) in equity commitments….AEW, which is controlled by the asset management arm of French investment bank Natixis, currently manages over $50 billion of real estate assets and securities in North America, Europe and Asia Pacific. The firm opened its Singapore office in 2006, at the same time adding former ING chief investment officer Peter Wittendorp and former BT Financial portfolio manager Antony Knep to the team for Asia…. CDC Group has made new commitments totaling US$105 million to four private equity funds focused on China and US$185 million to six India-focused p.e. funds…. CapitaLand Ltd., Southeast Asia’s biggest developer by sales, said it set up a $1 billion private equity fund to invest in properties in Chinese cities…. Hong Kong Lung Ming Investment Holdings, which owns and operates a Mongolian iron ore mine, plans to raise up to US$1 billion in a Hong Kong initial public offering before the end of 2008, the Hong Kong Economic Times reported. Lung Ming was expected to submit a listing application shortly for the deal, which was being sponsored by Morgan Stanley and Credit Suisse, the newspaper quoted as saying. Hopu Investment Management, a private equity fund founded by Goldman Sachs‘ China partner Fang Fenglei, and Temasek Holdings jointly invested US$300 million in Lung Ming this year, the newspaper said. MGPA Fund III consists of two regionally based private equity real estate funds, MGPA Europe Fund III and MGPA Asia Fund III, with mandates to invest in Europe and Asia respectively. Combined, the Funds have received commitments of US$5.2 billion from over 65 investors, and include a substantial level of renewed commitments from existing investors, based throughout North America, Australia, Europe and the Middle East. MGPA has attracted a broad range of investors including corporate and public pension funds, insurance companies, foundations and endowments looking for exposure in the European and Asian real estate markets… Shanghai may win approval to set up a 20 billion yuan ($2.9 billion) industrial fund, which would be China’s second government-backed private equity fund, Caijing magazine reported. Shanghai International Group, an arm of the municipal government, and investment bank China International Capital Corp (CICC) will hold equal stakes of either 40% or 50% in a company that will manage the fund, Caijing said. If they do not take 100 percent of the equity, the two will offer the remainder to investors including the National Social Security Fund, the magazine said, citing unnamed sources. However, the 21st Century Business Herald newspaper reported earlier this week that Shanghai International Group would take 60 percent of the fund and CICC 40 percent. CICC will manage the Shanghai Financial Industry Investment Fund separately from its own investment banking business, Caijing said. The Shanghai government obtained approval last year from the State Council, China’s cabinet, to launch the fund. Various agencies are now in the process of signing off on key details. It will be the second yuan-denominated city-backed fund in China following the 20 billion yuan Bohai Industrial Investment Fund in the northern Chinese port of Tianjin. The provinces of Shanxi, Guangdong and Sichuan have won approval in principle to establish similar funds focused on energy, nuclear power and high technology respectively. ($1=6.9437 yuan) Morgan Stanley, General Electric and Credit Suisse has raised close to $10 billion for their respective infrastructure funds. Morgan Stanley Infrastructure Partners has raised $4 billion in equity commitments and Global Infrastructure Partners (GIP), a firm set up by General Electric and Credit Suisse, raised $5.64 billion in equity commitments… …Adebayo Ogunlesi, chairman and managing partner of GIP, notes that he is exploring opportunities across Asian markets in its core investment sectors of energy, transport and water and waste infrastructure…Asia is of particular interest to GIP in terms of investment opportunities…”China’s sheer scale, rapid economic growth and infrastructure development imperatives make it an important area of involvement for GIP,” says Ogunlesi. “Our mission of improving the efficiency of infrastructure assets to benefit all stakeholders will help China meet its infrastructure demands.”… CVC Capital Partners, the UK buy-out group, has raised $4.1bn for its new Asia Pacific fund, the biggest sum raised for the region, reflecting rising investor interest in emerging market buy-outs…. HSBC has raised more than $1 billion for an Asian private equity fund, its Asia CEO told Reuters, allowing HSBC to expand investments in the bank’s strongest region…. The Canada Pension Plan Investment Board, the country’s second-biggest retirement scheme manager, said it plans to add C$1 billion ($1 billion) to its real estate investments in Asia over the next year to 18 months…. Blue Ridge China, an affiliate of US private equity firm Blue Ridge Capital, has raised 1.45 bln usd from individuals in the US and Middle East to invest in Chinese companies… JPMorgan Chase & Co. will commit $750 million to private-equity investments in the Asia-Pacific region, where the International Monetary Fund predicts economic growth will outpace that of the U.S. this year…. A new private equity fund, Hopu Fund, is being setup and run by Richard Ong, Goldman’s co-head of investment banking in Asia ex-Japan, and Goldman’s China partner, Fang Fenglei. Goldman Sachs is investing about $300 million of its own money into the fund and Temasek Holdings Pty. Ltd., a government fund from Singapore, is planning to invest around $1 billion into the fund. Hopu Fund has also received interest from other investors far exceeding its planned $2 billion private equity fund. Richard Ong, 42 and who grew up in Malaysia, left Goldman Sachs in March after 15 years of service including leading its Singapore office before moving to Beijing in October 2006. Mr. Ong will hold an advisory role with Goldman once he leaves the firm. Mr. Ong’s brother, Charles Ong, is senior managing director and chief strategist at Temasek. Fang Fenglei spearheaded the initial public offerings by Chinese state-owned firms at China International Capital Corp., a joint-venture investment bank formed by China Construction Bank Corp. and Morgan Stanley in the 1990s. He left that venture and worked for other joint-venture investment banks in China. In late 2004, he helped Goldman Sachs set up a domestic joint-venture securities firm in China, Goldman Sachs Gaohua Securities Co. Mr. Fang remains chairman of that joint venture and retains a stake in it. He has stepped back from day-to-day work at the venture. Read More » |
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