Singapore-listed real estate conglomerate CapitaLand has decided to merge and consolidate all its private equity real estate funds into one new business unit called CapitaLand Investment Management (CLIM).
According to a person familiar with the situation, James Lim (pictured below) has been appointed as chief executive of CLIM. Lim will officially take on the leadership role on November 1 and he will report directly to Lim Ming Yan, president and group chief executive for the property group.
An industry veteran, Lim has more than 15 years of investment banking experience and has also previously held senior roles at Morgan Stanley and BNP Paribas, among other institutions.
Lim was previously managing director and head of Asia Pacific real estate finance at HSBC. The news of him leaving the financial institution after a span of three years was reported by several news outlets in August. An industry veteran, Lim has more than 15 years of investment banking experience and has also previously held senior roles at Morgan Stanley and BNP Paribas, among other institutions.
For CapitaLand, all its existing and future vehicles will now be managed under one umbrella. Until now, different funds were being run by different business units within the group. For example, the $600 million serviced residences fund – launched as a 50:50 partnership between CapitaLand and Qatar Investment Authority in 2015 – was managed by the group’s serviced residence owner-operator business unit Ascott.
According to an internal memo seen by PERE, the new business unit will comprise the existing CLIM team as well as the respective business units’ private equity funds. News of the consolidation follows CapitaLand’s announcement made in late August to increase its funds under management to S$10 billion ($7.34 billion; €6.23 billion) by 2020.
Recent fundraising efforts include $300 million raised for its debut Vietnam-focused commercial property fund and $1.5 billion haul for Raffles City China Investment Partners III, which is invested in prime integrated developments in gateway cities in China.