<article>Chinese institutional rental apartment operator Mofang Apartment has completed a $150-million Series D round led by Canadian institutional fund management firm CDPQ, it said in a statement on Monday.</article>

Chinese institutional rental apartment operator Mofang Apartment has completed a $150-million Series D round led by Canadian institutional fund management firm CDPQ, it said in a statement on Monday.
CPDQ is a long-term institutional investor that manages funds primarily for public and para-public pension and insurance plans. As at  December 31, 2018, it has CA$309.5 billion ($230.6 billion) in net assets.
Previously, Mofang raised about $400 million across three rounds of equity fundraising, and counts private equity major Warburg Pincus as its largest shareholder. Other investors in the startup include DT Capital and Chinese trust company AVIC Trust.
“This latest round of financing enables Mofang to expand our market presence, enhance our operational capabilities, improve the IT system and membership system, pursue M&amp;A opportunities and expand our footprint in the franchise business,&#8221; said Mofang CEO Kitty Liu.
At the same time, Mofang has also launched new initiatives to expand its franchise business. It will pursue joint ventures with local players, including state-owned enterprises to accelerate market entries into more Chinese cities.
“As a long-term investor, CDPQ seeks to be a constructive shareholder, working together with the management team and partners to build and grow good companies. Mofang is a promising company and is the leader in the long-term apartment rental market, whose team has strong expertise in operations, project development and M&amp;A,&#8221; said CPDQ head of private equity for Asia Pacific, Lim Meng Ann.
Founded in 2009, Mofang has made acquisitions of real estate assets in the past few years and co-developed projects alongside real estate operators to strengthen its footprint across China.
“We are very impressed and satisfied with Mofang’s development in the last six years since we first invested in the company in 2013. Having a well-known and reputable investor like CDPQ will help Mofang accelerate its development and further consolidate its leadership position. Warburg Pincus will continue to support Mofang’s future development through various means, including real estate financing and property resources,&#8221; said Warburg Pincus managing director Joseph Gagnon.
Warburg Pincus has backed several similar Chinese startups in the past &#8211; Ziroom and Nova. The firm joined in <a href="https://www.dealstreetasia.com/stories/chinas-property-rental-startup-ziroom-raises-622m-warburg-pincus-tencent-90500/">Ziroom&#8217;s $621 million Series A round</a> that was closed last January. In 2015, it co-founded Nova to focus on the acquisition of aged and distressed properties in urban  locations.
Most recently, it invested <a href="https://www.dealstreetasia.com/stories/warburg-pincus-invests-181m-in-hong-kongs-weave-co-living-110923/">$181 million into Hong Kong-based Weave Co-Living</a>, with an option to upsize the investment to up to $413.5 million in the future.
Also read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/china-serviced-residence-group-mofang-gongyu-raises-series-c-round-of-300m-37273/">China: Mofang Apartment raises $300m Series C from Warburg arm, AVIC</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/warburg-pincus-invests-181m-in-hong-kongs-weave-co-living-110923/">Warburg Pincus invests $181m in Hong Kong’s Weave Co-Living</a>

Chinese institutional rental apartment operator Mofang Apartment has completed a $150 million Series D round led by CDPQ, it said in a statement today.

Warburg Pincus-backed rental startup Mofang bags $150m Series D led by CDPQ

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Warburg Pincus-backed rental startup Mofang bags $150m Series D led by CDPQ

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