CLI closes second onshore sub-fund; targets 1.48 billion yuan in funds under management

It is under the CLI RMB Master Fund with CapitaMall Xinduxin, as the seed asset

Global real asset manager CapitaLand Investment (CLI) said on Thursday (Dec 11) that it closed its second onshore sub-fund, China Retail RMB Fund I (CRF I), thereby bringing its total fund size to one billion yuan (S$183 million).

This sub-fund is under the CLI RMB Master Fund with CapitaMall Xinduxin, as the seed asset.

Located in Qingdao, China, the mall has a gross floor area of 141,000 square metres, and a committed occupancy of about 99.6 per cent. It is also connected to Qingdao’s subway line three.

The asset manager said that the aforementioned fund size was achieved by securing several onshore institutional investors, on top of the equity commitment from the Master Fund.

CRF I is expected to add 1.48 billion yuan to CLI’s funds under management (FUM) when fully deployed.

“With this close, CLI has raised nearly 55 billion yuan of domestic capital across nine onshore funds since 2021,” said the real estate investment company.

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CLI said that it will recapitalise CapitaMall Xinduxin by realising value through its sale as the seed asset to CRF I. It will also continue to “manage the property and earn recurring fee income”.

The first sub-fund of CLI under the Master Fund was the China Business Park RMB Fund IV, which closed in September 2025. I had a total FUM of about 1.7 billion yuan, with Dalian Ascendas IT Park as its seed asset.

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