Singapore's CapitaLand sets up $1.5 billion private equity fund for China

Singaporean real-estate developer CapitaLand said it has fully closed a $1.5 billion private equity fund to invest in mixed-use developments in its core China market.

CapitaLand will have a 41.7 per cent stake in Raffles City China Investment Partners III, while the rest will be held by major investors from Asia, North America, and the Middle East, including new and existing investors.

"RCCIP III brings us closer towards our goal of raising funds with a total AUM (assets under management) of up to S$10 billion by 2020," CapitaLand's chief financial officer, Arthur Lang, said in a statement on Tuesday.

The fund, which is the largest private capital raise that CapitaLand has originated, will have a life of eight years.