CapitaLand Targets $500M for Third Asia Pacific Credit Fund

Singapore's CapitaLand Investment is targeting $500 million in commitments for its third Asia Pacific credit fund. According to Mingtiandi, citing people familiar with the matter, the Temasek-controlled asset manager is continuing to grow its private credit platform with this new vehicle.

This fundraising effort follows the firm's April close of $320 million for its second fund, known as ACP II. That earlier closure added $600 million to the company's total funds under management. The strategy for the new ACP III fund will mirror its predecessors, maintaining a focus on senior secured and asset-backed investments.

Other Asia Pacific Investment Activity

In other regional headlines, US alternative asset manager DigitalBridge has expanded its Japan digital infrastructure platform by opening a Tokyo office. The company appointed Soichiro Suda, a veteran with 30 years in infrastructure investment, as managing director to lead its Japanese investment activities. DigitalBridge's existing portfolio in Japan includes Nippon Gateway Infrastructure, a data centre venture formed with local partner Jexi, telecom infrastructure firm JTower, and Vantage Data Centers' hyperscale capacity in Osaka.

Macquarie Asset Management did not submit an indicative offer in the first round of bidding for Stack Infrastructure's Asia Pacific data centre portfolio, according to sources speaking to the Australian Financial Review. The portfolio is valued at over A$28 billion (over $20.2 billion). Despite hiring UBS and Goldman Sachs for advice, Macquarie opted out of the initial round. Rival bidders reportedly include BlackRock-backed AIP, Brookfield, KKR, and IFM Investors.

Development Projects Across the Region

Japanese firms Sumitomo Forestry and Chuo Nittochi announced a joint venture to develop a 257-unit, five-storey wood-frame apartment complex in Gardena, Los Angeles. This marks their first collaboration and their ninth US project together. The complex will offer 189,291 square feet of rentable space and is scheduled for completion in 2029.

In Australia, the New South Wales government has unveiled plans for approximately 340 new homes across four buildings on vacant government land in Sydney's Inner West suburbs of Haberfield and Ashfield. Thirty percent of the homes are earmarked for social housing. The site was identified as surplus through a statewide land audit and forms part of the government's A$6.6 billion Building Homes for NSW program.

Corporate Moves and Market Analysis

Citi analysts estimate that US private equity firm Warburg Pincus may need to raise its bid for ASX-listed Ingenia Group by up to A$850 million ($612 million) to succeed. Ingenia's board rejected Warburg Pincus's initial offer of A$4.75 per share, which valued the retirement living operator at A$1.9 billion. The offer was conditional on Ingenia abandoning its A$992 million acquisition of residential developer Peet. Citi cited Ingenia's pipeline of 8,800 homes on land lease communities as a key driver for a higher valuation.

Separately, Hilton has signed a deal with Australian developer Deicorp Group to open a 100-room DoubleTree by Hilton hotel in Parramatta, Sydney. The hotel will be part of Deicorp's mixed-use Cosmopolitan project and will be operated by Trilogy Hotels. The property will feature 667 square metres of event space and guest rooms ranging from 20 to 45 square metres in size.