<article>Shanghai and Hong Kong-based private equity real estate firm <a style="color: #000080;" href="http://www.starcrestcap.com" target="_blank">Starcrest Capital Partners</a> has raised $100 million for its first China-focussed real estate fund.</article>

Shanghai and Hong Kong-based private equity real estate firm <a style="color: #000080;" href="http://www.starcrestcap.com" target="_blank">Starcrest Capital Partners</a> has raised $100 million for its first China-focussed real estate fund.
The fund will participate in special situations deals, which include buyouts of distressed assets, or repositioning and refurbishing of assets, in tier 1 and 2 cities in China.
The firm has raised a third of the fund&#8217;s target from eight investors, including family offices, retail investors and other institutional investors, according to a Pere report.
Last year, Starcrest had started fundraising for the dollar-denominated fund, with a target of between $300 million and 400 million.
Out of all the private equity real estate funds raised between 2005 and 2008, about 50 were slated for exiting by 2016, according to <a style="color: #000080;" href="http://www.businesstimes.com.sg/real-estate/50-asia-pacific-property-funds-worth-us40b-set-to-expire-in-2015-2016-cbre" target="_blank">a report by CBRE</a>, a US-based commercial real estate company. That move would unlock about $40 billion worth of real estate in Asia.
Starcrest was co-founded in 2010 by Elvin Lim, a former head of corporate finance for Asia at London-based <a style="color: #000080;" href="http://www.zoominfo.com/c/MGPA/346699548" target="_blank">MGPA</a>, and David Yeung, former head of real estate investments at Goldman Sachs&#8217; special situations group, and two others.
It has invested about $300 million in nine properties in China. These include office redevelopment, joint venture residential projects and retail assets.
It will be competing for investing in deals with some of the <a style="color: #000080;" href="http://www.dealstreetasia.com/stories/as-china-opens-bad-debt-market-private-equity-firms-step-in-34774/" target="_blank">top foreign equity debt managers</a> who are busy building a presence in China, where the government is opening up the space to specialized players to reduce huge corporate debt that is estimated to have touched 4 trillion yuan ($620 billion).
<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=KKR+%26+Co+LP">KKR &amp; Co LP </a>and<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Oaktree+Capital+Group+LP"> Oaktree Capital Group LP</a>, as well as niche players such as <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Clearwater+Capital+Partners">Clearwater Capital Partners </a>and<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Shoreline+Capital+Management"> Shoreline Capital Management</a>, have all announced plans to grab the market that will become available via the government&#8217;s plan to securitize bad loans.
Also read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=china+distressed+assets" target="_blank">Oaktree Capital tapping China’s rich to raise funds for buying distressed assets in US, Europe</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/38565-38565/" target="_blank">IFC partners with Apollo Global for buying distressed assets in EMs</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=china+distressed+assets" target="_blank">As China opens bad debt market, private equity firms step in</a>

Private equity real estate firm Starcrest Capital has raised $100 million for its first China-focussed real estate fund. 

China: Starcrest Capital raises $100m for first PE real estate fund

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China: Starcrest Capital raises $100m for first PE real estate fund

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