GIC, Temasek may invest in HDFC’s $500m PE fund

Singapore’s sovereign wealth fund Government of Singapore Investment Corp (GIC) and its government owned investment firm Temasek Holdings are set to invest in $500 million real estate vehicle that is being set up India’s Housing Development Finance Corp Ltd (HFDC), a report said.

A Reuters report quoting executives familiar with the development further said that Oman’s State General Reserve Fund would also join the HDFC Property Fund.

The fund will begin approaching investors early next year and expects to generate returns of 21 per cent over its seven-year life by investing in residential projects in western and southern India, the report added.

The fund aims to achieve its first close of about $200 million soon, and final close of another $300 million within the next couple of months.

Recently, India had relaxed foreign direct investment (FDI) rules in the real estate sectors and allowed investors from abroad in projects that have a minimum built-up area requirement of 20,000 sq m as compared to 50,000 sq m earlier, even as the initial capital required was halved to $5 million. India has also allowed 100 per cent FDI in real estate projects.

India media recently reported that former chief executive officer of Citigroup Inc, Vikram Pandit, had invested $90 million in FICS Consultancy Services Ltd, a firm that specializes in lending to real estate developers, and is a unit of Mumbai-based financial services company JM Financial Ltd.

Image: Freedigitalphotos.net

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.

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.