GLP Capital Partners (GCP) has raised RMB2.6bn (€331m) for its latest logistics income fund series in China.

GCP said five domestic insurance companies, including both new and repeat investors that had previously participated in GCP’s onshore RMB funds, participated in the capital raising for China Income Fund VIII (CIF VIII).

CIF VIII is seeded with an 870,000sqm portfolio comprising more than RMB5bn of core, income-generating modern logistics assets from GCP’s balance sheet.

Teresa Zhuge, EVP and president of China at GCP, said investors continued to seek access to the group’s proprietary pipeline of high-quality income-producing assets in China.

She added that GCP planned to establish more China-focused funds to satisfy and capitalise on demand from investors.

In November last year, the manager raised RMB5.4bn for CIF VII, the predecessor fund in the series.

The manager introduced its first RMB-denominated strategy in 2017 to meet growing demand from domestic institutional investors for income-producing logistics and industrial assets in China. 

Since then, the company has expanded its onshore RMB funds business to RMB128bn across 20-plus strategies covering real assets and private equity. Collectively, GCP manages approximately $58bn (€53.3bn) of assets in China for a global and diverse set of over 90 institutional private capital partners, including more than 60 domestic institutional investors.

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