SC Capital raises $850m for fourth Asia real estate fund

The LP base includes public and private pension funds, endowments and private foundations. Real Estate Capital Asia Partners IV had a target of $750 million but is said to have been substantially oversubscribed, with demand exceeding $1 billion. The fund has also raised a subscription line credit facility worth $150 million.

Singapore-headquartered SC was founded by Suchad Chiaranussati in 2004. The firm has offices in Hong Kong, Bangkok, Tokyo, Shanghai and Vietnam, in addition to Singapore.

Fund I was launched in 2005 and raised $220 million. A second vehicle of $190 million followed five years later. According to the New Jersey State Investment Council, Fund I had delivered a net IRR of 10.7% and a net multiple of 1.7x as of June 2014, while Fund II had generated an IRR of 21.3% and a 1.5x multiple. Across both funds, 96% of the aggregate equity invested had been returned.

The pension system committed $80 million to Fund III, which had a net IRR of 34% and a net multiple of 1.3x. It re-upped for Fund IV, putting in $100 million.

Since 2005, SC's real estate team has invested $1.5 billion across 35 transactions. As of June, there had been 15 full and partial exits, generating 35% in gross IRR and a 2.1x multiple, with proceeds totaling $600 million.

Paul Hastings represented SC in the formation of Fund IV. Park Hill Group served as placement agent.

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• Topics
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• Asia