<article>Shanghai- and Hong Kong-based private equity real estate firm <a href="https://www.dealstreetasia.com/?s=Starcrest%20Capital Partners">Starcrest Capital Partners</a> has raised $276.5 million for its second China-focused real estate fund, according to a company announcement.
The close of its second China real estate fund, the <a href="https://www.dealstreetasia.com/?s=Starcrest%20China Real Estate Fund II">Starcrest China Real Estate Fund II</a>, comes nearly two years after the close of the company&#8217;s $100-million property fund.</article>

Shanghai- and Hong Kong-based private equity real estate firm <a href="https://www.dealstreetasia.com/?s=Starcrest%20Capital Partners">Starcrest Capital Partners</a> has raised $276.5 million for its second China-focused real estate fund, according to a company announcement.
The close of its second China real estate fund, the <a href="https://www.dealstreetasia.com/?s=Starcrest%20China Real Estate Fund II">Starcrest China Real Estate Fund II</a>, comes nearly two years after the close of the company&#8217;s $100-million property fund.
The first fund participates 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, however, did not disclose how it will invest the second fund.
The limited partners of Starcrest China Real Estate Fund II include endowments, pensions, banks, asset managers, and family offices located throughout North America, Europe, and Asia, the firm said in the announcement.
Starcrest was co-founded in 2010 by Elvin Lim, a former head of corporate finance for Asia at London-based MGPA, and David Yeung, former head of real estate investments at Goldman Sachs’ special situations group, and two others.
According to a report by US-based commercial real estate firm CBRE, an estimated $53 billion of real estate private equity capital will be deployed into real estate in Asia Pacific by 2020, with China receiving the bulk of the capital, at $14 billion, within the next three years.
CBRE Research data showed that $42 billion of capital was raised by Asia Pacific-focused closed-end real estate funds between 2014 and Q3 2017, which translates to around $116 billion of purchasing power.
Investment in China&#8217;s real estate market grew 7 per cent year on year in 2017, a slight increase from a year earlier, according to the National Bureau of Statistics.
The total property investment in 2017 was nearly Rmb11 trillion ($1.7 trillion), the bureau said. Among them, the investment in residential buildings went up by 9.4 per cent year on year.
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Starcrest Capital secures $276.5m for second China real estate fund

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Starcrest Capital secures $276.5m for second China real estate fund

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