Harvest Fund, Grosvenor form China property investment JV
China’s Harvest Fund Management and global real estate specialist Grosvenor Fund Management have formed a joint venture dedicated to property investments in Greater China.
The joint venture - Harvest Real Estate Investments (HREI) - will operate US dollar-denominated and renminbi-denominated funds. It also plans to bring global real estate opportunities to domestic investors in China.
Rong Ren, CEO of HREI, will a lead a team of 20 professionals based in Hong Kong and Beijing. Certain employees from both Harvest Fund and Grosvenor will also join the new entity.
"Harvest Fund Management has unparalleled access to institutions and high net worth individuals in the domestic Chinese investor market and a strong track record in fund raising, investing and realising returns," Jeffrey Weingarten, Grosvenor CEO, said in a statement.
"As well as giving our existing international investor partners access to this exciting market, we look forward to building long-term relationships with Chinese investors with domestic and international fund offerings."
Founded in March 1999, Harvest Fund Management manages approximately $37 billion and employs 490 people. It currently manages 17 equity funds, six bond funds and one money market fund.
Grosvenor has been active in Asia for close to 20 years. As of 2011, it had $8 billion in funds under management with 69 investor partners in 28 property vehicles, club deals and separate account mandates. Grosvenor currently operates four investment vehicles in Asia, including a China retail fund.
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