Singaporean logistics giant Global Logistics Properties (GLP) has teamed up with long-time partner sovereign wealth fund GIC Private to launch a new investment vehicle that targets $2 billion in assets under management.
GLP China Value-Add Venture II will have GIC as the sole investor with a commitment of $1 billion, marking GIC’s first investment since January, when it sold its shares in GLP as part of GLP’s privatization process.
The launch of the fund comes seven months after GLP launched GLP China Value-Add Venture I with China Life committing $1.6 billion.
Last month, GLP announced the close of two funds, GLP Europe Income Partners I and GLP Europe Development Partners I, and raised a total of $4 billion mostly from the long-term investor.