SilkRoad’s debut Asia fund achieves first close

visual from SilkRoad Property Partner homepage

Singapore-based SilkRoad Property Partners, has achieved the first close of its maiden Asia fund –  SilkRoad Asia Value Partners LP – and has raised $230 million of the targeted $350 million, DEALSTREETASIA has learnt.

SilkRoad is looking at the final closure of this vehicle, which will have an eight-year term circle, over the next 18 months.

In layman’s terms, ‘first close’ means the fund has reached a certain threshold in terms of the amount raised, and it can begin making investments and close deals, even as new LPs (Limited Partners or investors) continue to join it.  Final close implies that the fund has reached the second threshold, post which no LPs can join it.

SilkRoad is expected to invest a part of the money raised from the new fund, in commercial property in the leading Asian cities, including Singapore, Beijing and Hong Kong.

The firm is headed by Peter Wittendorp who also serves as the portfolio manager for AEW Value Investors Asia, a $557 million closed end fund launched in 2007. SilkRoad was spun off the AEW’s Asia platform and established in 2012 as an independent real estate investment management firm focused on Asia.

Apart from Wittendorp, SilkRoad has several other former AEW executives in the management team, including Nick Kearns who is responsible for Acquisitions & Asset Management; Berend Poppe, Corporate Finance & Acquisitions; Eng Chong Oh, Due Diligence & Acquisitions; Iris Mak, Acquisitions & Asset Management; and Mark Khoo who oversees research.

Another Singapore-based private equity real estate SC Capital Partners is also planning a the final close of its Real Estate Capital Asia Partners (RECAP) IV Fund.

DEALSTREETASIA had earlier reported that SC Capital’s latest investment vehicle (RECAP IV Fund) has been oversubscribed by about $500 million. The PE firm plans its final closure at around $800 million, which is set to happen by the end of this calendar year, although this could not be verified independently, by this publication.

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.