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
The fund will invest in closed-end property funds. They will mainly comprise of opportunistic property funds, either country or sector specific. That is to say those of a niche type, rather than the big global property funds.
The new fund hopes to be able to find underlying funds that can obtain discounts on property purchases in todayÆs challenging markets.
Dick Popken, formerly of PGGM, is the portfolio manager of the new fund, and Nicholas Wong is the managing director with overall responsibility for the region in addition to fund raising and marketing of the new fund. In total, a team of six will be based in Asia to handle the new fund.
ôCurrently we are optimistic about opportunities in the retail and logistic property sectors,ö says Wong. ôWe would be underweight offices, and in residential be positive about second- and third-tier Chinese and Indian cities, though not first-tier, and not positive about Singapore residential given the large amount of supply coming on stream there.ö
The target IRR is 15% and the life of the fund is 7 to 10 years with minimum tranches of $5,000,000 (although a private bank could, for example, amalgamate a number of subscriptions from its clients as a bundle). ING Real Estate Select will facilitate secondary liquidity to fund investors on a best-effort basis. There is a management and acquisition fee and performance fee incorporating a hurdle rate, which are set at industry norm levels.
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.
The asset allocation matrix is becoming more complex as investors look for new sources of returns beyond traditional asset types. How can investors measure and maximise returns in compounded portfolios?
When it comes to family offices, the generations don't always see eye to eye. For the younger generation, ESG concerns and tech plays are beginning to predominate.
Kwap property arm appoints CEO; VFMC names new CEO as Lisa Gray retires; MSIG Singapore promotes Mack Eng as CEO; Monroe Capital opens first Asia office in Seoul, hires head from Aberdeen; Vanguard Australia appoints new MD to relocate from US; HSBC AM expands EM debt team; Vantage FX hires from CGS-CIMB in Singapore; and more.