MGPA has made a more than 2x equity multiple for investors and a gross IRR of 20 percent from its Global Fund I, the Europe and Asia focused firm revealed today.
Global Fund I raised $480 million in 1999 and made a total of 21 investments, the last of which was sold in 2009.
Among its most notable deals was “The Sogo Portfolio” in Japan, which consisted of office and retail space in prime central Tokyo. The portfolio was sold generating a 2.4x equity multiple.
It also bought, repositioned and sold the Platinum Building in Shanghai (resulting in 2.5x money back to LPs. Other successes were 56 Repulse Bay Road in Hong Kong, the purchase of UK property company, Akeler, which delivered a 2.7x equity multiple and was the fund’s largest investment, and the UK office and industrial Meadow Portfolio which was broken up and sold resulting in a 2x equity multiple.
Fifteen global institutional investors in Australia, Europe, North America and the Middle East invested in the fund, which made approximately 75 percent of investments in Europe and 25 percent in Asia. It bought assets in Japan, China, South Korea, Hong Kong, Belgium, France, Germany, Portugal, Spain and the UK.
James Quille, chairman and chief executive, said in a statement that Global Fund I was MGPA’s flagship fund. Quille led the management of the vehicle while at Australia’s Lend Lease, but MGPA took it over in 2004 as a result of a management buyout.