GLP Capital Partners (GCP), the investment and asset management arm of Asian warehouse giant GLP, has closed yet another fund in its RMB-denominated China income fund series, garnering about 2.8 billion yuan ($383 million) in capital.
The China Income Fund XIII is in partnership with an unnamed leading global institutional investor, according to a company statement on Thursday.
The fund is seeded with several logistics and business park assets from GLP’s balance sheet. The assets are situated in logistics and R&D clusters across the Greater Bay Area, the Yangtze River Delta and the Mid-Western Region.
The assets serve customers in the third-party logistics, e-commerce, clean energy, pharmaceuticals, technology and high-end manufacturing industries, GCP said.
In October, Ares Management entered into a deal to acquire the international business of Singapore-headquartered GLP, excluding its operations in Greater China. The deal is expected to close in the first half of next year.
“China remains one of GLP’s highest conviction markets and we remain positive on its long-term growth prospects, driven by a large domestic consumption base and supportive government policies,” said Teresa Zhuge, president of China at GCP, in the statement.
In January, the firm raised 10 billion yuan ($1.3 billion) for its China Income Fund XII. The news came shortly after two closes of separate predecessor funds— China Income Fund XI at 3 billion yuan ($411 million) and China Income Fund X at 4.3 billion yuan ($589 million).
GLP manages approximately $79 billion in assets in China, according to its statement.
