Singapore’s Equis Fund invests $116m in India’s Assetz Property

Equis Fund Group website image

By Shiwen Yap

February 16, 2015

Equis Funds Group, a Singapore-based energy and infrastructure investor, has invested $116 million in Bangalore-based Assetz Property Group (APG), in order to finance APG’s mid-income housing townships in India until 2020.

Equis was started by former Asian Development Bank and Macquarie executives in 2010 to access the various investment opportunities available in the energy and infrastructure sectors across Asia.  Its CEO is David Russell, a former senior managing director with the Macquarie Group. It had closed its first PE fund – Equis Asia Fund I – at $647 million, exceeding its initial target of $500 million, in 2012.

APG has plans for mid-income housing townships spread across 20 million square feet, with amenities including schools, aged care facilities, health centers, public amenities, localised shopping centers and recreation facilities. Current plans call for developing 20,000 residential units, each ranging in cost from $45,000 to $64,400.

Assetz Property, incorporated in 2006 and led by CEO Ben Salmon, is primarily focused on real estate development and business portfolio management. Its secondary focus is infrastructure development in the Asian region, with interest in projects across the commercial, residential and mixed-use asset classes.

Earlier in February, Residential Opportunities Fund –I of Jones Lang LaSalle had injected US$3.86 million into a premium residential project being developed by the Assetz Property Group. However, it partially exited, with an internal rate of return (IRR) valued at 30 per cent of its initial investment.

 

Related Story: Sembcorp buys 60% in India’s Green Infra for $168m

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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