Logistics group GLP has broadened its offering by setting up a RMB10bn (€1.32bn) fund to invest beyond real estate.

The Singapore-based company said it has established Hidden Hill Modern Logistics Private Equity Fund, the only fund in China dedicated to investing in the logistics ecosystem.

The fund will be managed by Hidden Hill Capital, the private equity platform of GLP China.

GLP said investors in the fund comprise long-term institutional investors and insurance companies including China Post Capital.

Ming Mei, Co-Founder and CEO of GLP, said: “The fund will invest in adjacent growth sectors that complement GLP’s real estate business, with a focus on companies employing technology to enhance efficiency in the logistics industry.”

GLP said this latest transaction is in line with the firm’s fund management strategy.

GLP, which currently manages $50bn (€41.7bn) of assets, said it is committed to expanding this platform through establishing new funds and further asset recycling.

In February, GLP established its first China value-add fund with a single investor, China Life. The vehicle, which will come under GLP China, aims to have total equity commitments of RBM10bn.