Singapore-based Pacific Star is aiming to take equity positions in Asian real estate companies suffering credit shortfalls, with the launch of a new fund.
The Enterprise Property Investment Corporation will invest in companies using instruments such as mezzanine finance, convertible bonds, preferred equity as well as straight equity.
Pacific Star will seek to raise a total of $500 million in equity for the closed-ended vehicle and is targeting a first closing in the second quarter of 2009. A final closing is anticipated no later than nine months afterwards. For more details read the March issue of PERE magazine.
According to a private placement memorandum obtained by PERE, the fund will have a dedicated team which will include former Rodamco executive Nico Kop who will be its chief financial officer.
The fund is one of the first of its kind to focus purely on entity level investments. Other Asia facing vehicles have included these types of target investments as part of a wider pool of investments.