GLP Capital Partners builds $608m new China income fund with onshore insurer LP

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GLP Capital Partners builds $608m new China income fund with onshore insurer LP

GLP Capital Partners (GCP), the investment and asset manager of Asia’s warehouse giant GLP, has built a new 4.3-billion-yuan ($608 million) fund in partnership with a Chinese domestic insurance provider, the firm announced on Monday. 

China Income Fund X (CIF X) is seeded with 13 income-generating industrial parks from GLP’s balance sheet with a total leasable area of over 970,000 square metres (over 10.4 million square feet) located in Chinese cities including Shanghai, Kunshan, Shaoxing, Tianjin, Chongqing, Shenyang, and Dalian.

These advanced manufacturing and warehousing logistics parks serve clients across intelligent manufacturing industries such as automobiles & parts, electronics, electrical appliances, pharmaceuticals, and medical equipment. Their clients also come from advanced tech industries like new materials, industrial robots, and semiconductors, said GCP in a statement.  

“China’s manufacturing push to strengthen industrial and supply chain resilience has accelerated demand for industrial parks amongst advanced manufacturing firms and we foresee this to be a long-term trend as the industry continues to develop,” said Teresa Zhuge, executive vice chairman and president of China at GCP, in the statement. 

The successful fundraising and new LP partnership is proof of investors’ demand for long-term, income-generating industrial assets, said Zhuge.

One of CIF X’s portfolio assets. Photo from GLP Capital Partners.

CIF X is the latest addition to GCP’s onshore income fund series, which was launched back in 2020.

The development came just one month after GCP raised a closed-end office income strategy with 3.6 billion yuan ($491.9 million) in assets under management (AUM). GCP China Office Income Fund I, which is seeded with a high-quality, core office complex in Beijing from GLP’s balance sheet, is anchored by an insurance institution in Asia.

In October, GCP closed about 1.75 billion yuan ($239.2 million) for its China value-add strategies to invest in a pre-identified portfolio of GLP-developed modern logistics assets.

The firm in August announced the establishment of its first commingled clean energy strategy in China. It secured about 4 billion yuan ($546.9 million) in commitments for this RMB fund, targeting a total fund size of 20 billion yuan ($2.7 billion).

It also closed China Income Fund VIII, the latest fund in its flagship onshore income fund series, with equity commitments of about 2.6 billion yuan ($355.5 million) in July.

GCP specialises in thematic investing across real assets and private equity (PE). The firm focuses on evolving industries including logistics, digital infrastructures, and renewable energy, which it believes could “play an integral role in the economy well into the future,” according to its website.

It operates in high-growth Asian markets and the US, Europe, and Brazil, with $124 billion in total assets under management (AUM) across 55 funds as of June 30, 2023.

As of October, GCP managed about $58 billion AUM in China for a global set of over 90 institutional private capital partners, representing 46.8% of the firm’s total AUM.  

Its PE strategy covers growth equity and venture capital (VC) investments. One of its largest PE platforms is Hidden Hill Capital in China, which was founded in 2018 to invest in logistics services, digital supply chain, and logistics-related technology.

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