Citigroup Property Investors has announced the final closing of its $1.29 billion CPI Capital Partners Asia Pacific L.P. fund. The fund has invested in real estate and real estate-related assets throughout the Asia Pacific region, with a primary focus on Greater China and India.
Citigroup and its Hong Kong-based investment team, led by managing director David Schaefer, are committing $200 million to the fund, and have invested in Shanghai and Macau, China; Hong Kong; and Delhi, Pune, Bangalore and Chennai, India. The balance of the fund was split between 19 other investors, including Smith Barney.
Bloomberg and media outlets also reported yesterday that Citigroup is planning to raise $3.5 billion for another fund to invest in companies in emerging markets, including India, China, Estonia and Chile. The company was unavailable to comment on either fund by deadline.
Citigroup Property Investors has over $9.8 billion in assets under management in both public and private markets in North America, Europe and Asia, focusing on the office, industrial, multifamily, hospitality and retail sectors. Just last month, CPN reported that company had entered a joint venture with Loreto Bay Co. to develop the $3 billion, 8,000-acre Villages of Loreto Bay, a green residential project in Baja California Sur, Mexico.