MAS names sustainability head; Malaysia’s EPF appoints COO and CFO; GIC PE head for SEA leaves; State Super hires new exec; Hesta appoints chief growth officer, chief Debby Blakey appointed to corporate governance board; ex-BlackRock exec joins IQ-EQ in Singapore; HSBC AM builds direct real estate team; ex-Vanguard head of distribution joins LGIM; Sanne names Singapore head; and more
Further commitments of $60 million have been received, and the fate of those additional pledges awaits regulatory approval.
The Realty fund operates with a 2 and 20 fee structure and joins another Kotak private equity fund, the $160 million Kotak SEAF fund, that invests in broader small and medium enterprises.
This real estate fundÆs strategy is fourfold. Firstly it looks for co-investments with development companies at a project level, building residential, commercial and industrial properties. Secondly it makes equity investments in large/mid cap property companies.
Thirdly, it makes enterprise level transactions or sale and leaseback deals with companies that have liabilities connected to real estate. Fourthly, it does acquisition and work-out of non-performing loan potfolios that have underlying property collateral.
The CEO of the realty fund is S Sriniwasan, the former co-head of investment banking at Kotak Mahindra. The fundÆs CIO is Hari Krishna, who most recently was responsible for corporate finance and investments at Jones Lang La Salle in India and before that worked at CB Richard Ellis.
Kotak is one of IndiaÆs largest private wealth management companies, with about 35% of India's top 100 families' wealth under management ûresulting in AUM in excess of $ 1.6 billion.
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
Insto roundup: GPIF staff say J-Reits more attractive than traditional assets; Hong Kong's strict Spac criteria
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SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.