CapitaLand Investment (CLI) (SGX:9CI
) says it has raised US$320 million ($403 million) for its Asia-Pacific real estate credit fund, CapitaLand Asia Pacific Credit Program II (ACP II). ACP II is the second regional fund under the Temasek-linked property manager's flagship real estate credit series.
According to a statement from CLI on April 13, the final close of ACP II adds about US$600 million to its funds under management. The fund drew capital from a diverse group of new and existing investors in the Asia Pacific, including insurers, financial institutions and family offices. CLI holds a 20% sponsor commitment in the fund.
“Our disciplined focus on senior secured, asset-backed investments positions us away from the challenges currently facing the wider credit sector,” says Kishore Moorjani, CLI’s CEO of alternatives, private funds. “We remain committed to scale our asset-light fund management platform.”
ACP II has been allocated to five first mortgage loans for logistics, office and living assets located in Sydney and the Seoul Metropolitan Area. The final close of ACP II comes after the full realisation of ACP I, CLI’s inaugural credit programme. ACP I has invested A$265 million ($240 million) in two prime mixed-used developments in Melbourne and Adelaide.
