It has been 10 years since senior executives of Hong Kong bank Jardine Fleming’s direct real estate fund management business underwent a management buyout to form Pamfleet Group.
During that time the firm quietly built its brand investing in more than $1 billion of assets in Hong Kong and Singapore with partners including Morgan Stanley Real Estate Fund (MSREF) and generating IRRs of 87 percent and a 2.7x multiple along the way.
The firm is now trying to recreate this form on a commingled basis for the first time following the launch of its $330 million Pamfleet Real Estate Fund late December. The seven-year vehicle plans to continue investing in its home markets of Hong Kong and Singapore where it will target assets with “repositioning and value-added opportunities”, according to a marketing document seen by PERE.
Pamfleet declined to discuss its strategy for the fund, however one source close to the matter attributed the timing of Pamfleet’s commingled debut to a lack of current liquidity in the two markets, which the firm believes it can bridge. The source observed: “Foreign liquidity is absent or sidelined and local liquidity has different investment style and return expectations [making the timing good].”