GLP Capital Partners (GCP), the investment and asset management arm of Asian warehouse giant GLP, has closed yet another RMB-denominated China income fund just before the end of the year. The China Income Fund XI (CIF XI) was closed at 3 billion yuan (about $420 million).
This comes just weeks after GCP showcased its China Income Fund X, a 4.3-billion-yuan ($602 million) vehicle that the firm built in partnership with a Chinese domestic insurance provider.
With the addition of CIF XI, GCP has “meaningfully expanded” its RMB onshore funds platform this year, raising over 16 billion yuan ($2.2 billion) of domestic capital for China-focused real estate and private equity (PE) strategies, Teresa Zhuge, president of China at GCP, said in a statement on Wednesday.
“We continue to see outsized demand from domestic institutions and insurance companies for our proprietary pipeline of high-quality logistics and industrial assets,” said Zhuge.
CIF XI is seeded with four modern logistics parks from GLP’s balance sheet with a total leasable area of 540,000 square metres (over 5.8 million square feet) located in core logistics hubs in Shanghai, Jinan, and Harbin.
The parks serve customers in automobile manufacturing, pharmaceutical, e-commerce, and third-party logistics industries. All the parks are equipped with smart park technologies and environmentally friendly features such as rooftop photovoltaic systems, electric vehicle (EV) charging stations, and LED lighting.
CIF XI is the latest vehicle of GCP’s onshore income fund series, which was introduced back in 2020.
Before CIF XI and CIF X, GCP raised a closed-end office income strategy in early November with 3.6 billion yuan ($491.9 million) in assets under management (AUM). Seeded with a high-quality, core office complex in Beijing from GLP’s balance sheet, GCP China Office Income Fund I is anchored by an insurance institution in Asia.
In October, the firm 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.
In August, it announced the establishment of its first commingled clean energy strategy in China. GCP 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).
In early July, the firm 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).
GCP specialises in thematic investing across real assets and PE. It 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.
The firm operates in high-growth Asian markets, as well as the US, Europe, and Brazil, with $126 billion in total assets under management (AUM) across 57 funds as of September 30. Real assets accounted for $114 billion of its AUM, while PE contributed to $12 billion.
Year-to-date, GCP has established five new unlisted income strategies in China with over 2.6 million square metres (28 million square feet) of matured GLP balance sheet assets across 18 cities injected into these GCP-managed funds.
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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