CapitaLand Launches First Onshore China Master Fund

CapitaLand Investment Limited (CLI), a leading global real asset manager based in Singapore, on Wednesday announced that it has established its first onshore master fund in China, CLI RMB Master Fund, with a total equity commitment of $713.49 million. 

CLI has secured a major domestic insurance company to take up a majority stake in the master fund in line with its asset-light strategy to grow its funds under management (FUM).  The master fund is expected to contribute $2.87 billion to CLI’s FUM when fully deployed.  

The master fund will invest in a series of sub-funds that will seek to acquire high-quality, income producing assets with long-term growth potential.  The sub-funds will invest in business parks, retail, rental housing and serviced residences across Tier one and top Tier two cities. 

Future sub funds may also invest in special opportunities in other sectors such as data centres, logistics parks and offices.  

CLI China CEO Puah Tze Shyang said that leveraging their over 30 years of experience in China and deep on-the-ground expertise, the first master fund in China demonstrates CLI’s capabilities in structuring and launching a diversified suite of RMB funds tailored to domestic investors’ needs.  “This also allows us to tap into a rising trend of insurance companies increasing their capital allocation to real estate in China, providing them opportunities to invest in a diversified and resilient portfolio of stabilised assets with core returns. With a major domestic insurance company as a co-investor in the master fund, we are well-placed to attract other insurance firms to invest in the sub-funds and rapidly expand our domestic investor base,” he said.

He added: “With this new fund, we have successfully raised $7.48 billion across seven RMB funds since 2021, demonstrating the strong momentum of our domestic-for-domestic fund strategy to grow FUM and recurring fee income.”

CLI China’s Chief Investment Officer Kara Wang said that CLI’s strong balance sheet enable them to co-invest in their private funds, aligning CLI China’s interests with those of its capital partners. The master fund’s strategy of investing in asset classes such as business parks, retail, rental housing and serviced residences aligns closely with China’s national priorities, supporting its transition into a consumption- and innovation-driven economy.

CLI in China 

CLI has a resilient and well-diversified portfolio of more than 300 properties across over 40 cities.  This includes office, retail, lodging, business parks, logistics and data centres in five core Tier one and two city clusters.  

The launch of the master fund follows CLI’s announcement in April 2025 that it has applied to list its first real estate investment trust in China, to be named CapitaLand Commercial C-REIT. The first international-sponsored retail C-REIT will broaden CLI’s access to domestic capital and further grow its recurring fee income.