Hong Kong, SAR
Monday, January 11, 2017 1:54PM IST (8:24AM GMT)
Crestmount Capital – the direct lending institutional investor focused on property-backed investments – has closed its first fund, raising A$244 million (U$190 million), including approximately U$57 million of co-investment capital for PICC, L.P., the Chinese asset management giant.
Of the total A$244 million raised for Fund 1I, 83% came from the Asian investor base and Crestmount’s existing relationships, with the majority of commitments coming from Northern Asia, followed by Middle East. Investors included pension funds, foundations and asset managers. Newcomer LSM Management acted as Crestmount’s primary placement agent.
Fund I’s investment strategy was to opportunistically target distressed and undervalued investments across Australia that were directly or indirectly related to property. The fund will invest in individual properties in a variety of sectors, and will also target property-backed corporate investments and credit opportunities. The Fund has completed several investments in recent weeks, and is now in the final stages of closing on several others, utilizing approximately 25% of the Fund’s investment capacity.
Khalid Wajeed, Crestmount Capital’s founder and Managing Director, said:
“This is the first fund that we have closed in our two-year history. In this time, we have established a consistent track record of identifying opportunities and maximising value, building exceedingly strong relationships and delivering attractive returns in any economic environment.
LSM was key to our detailed approach. With firepower in excess of A$240 million, we are well positioned to make the most of any opportunities that come our way. Thomas, Sid and the rest of the LSM team have been crucial to our success.”
About Crestmount Capital
Established in 2014, Crestmount has undertaken more than 17 transactions to date, with 8 separate investments and programs involving over 5 million square feet (6 million square metres) in 6 countries, with many of these investments realised.
The Fund’s investors represent a variety major institutions, private foundations and high net worth individuals located from Asia and the Middle East. The Fund’s primary investment advisor is Crestmount Capital Advisors LLP, which is based in Hong Kong and Sydney and boasts a 17- person team, including a 4-person investment group.