About This Fund
The CLI RMB Master Fund is CapitaLand Investment Limited's inaugural onshore master fund in China, established in May 2025 with total equity commitments of RMB 5 billion (approximately S$921 million / US$690 million). Structured as a master-fund-of-sub-funds vehicle in partnership with a major domestic Chinese insurance company holding a majority stake, the platform is designed to mobilise China's large base of domestic institutional capital for investment in income-producing real estate across Tier 1 and leading Tier 2 city clusters. When fully deployed through leverage and capital recycling, the master fund is expected to contribute up to RMB 20 billion to CLI's group-level funds under management, representing a significant expansion of CLI's onshore China capital management platform.
The CLI RMB Master Fund invests through a series of onshore RMB-denominated sub-funds, each targeting specific asset classes or geographic submarkets within China. Current investment themes span business parks, retail properties, rental housing, and serviced residences, with future sub-funds expected to pursue data centres, logistics parks, and office assets as the platform scales. Target city clusters include Beijing/Tianjin, Shanghai/Hangzhou/Suzhou/Ningbo, Guangzhou/Shenzhen, Chengdu/Chongqing/Xi'an, and Wuhan. The structure aligns with China's regulatory framework for domestic institutional real estate investment and supports CLI's group-wide strategy of growing fee-based income through third-party capital management.
CLI operates across 40+ Chinese cities with over 300 properties in its portfolio, providing the local expertise and asset management infrastructure needed to support the sub-fund strategy. The first sub-fund, China Business Park RMB Fund IV, closed in September 2025 at RMB 1.74 billion total FUM, followed by China Retail RMB Fund I in December 2025 at RMB 1.48 billion FUM. These early closings validate domestic investor demand for professionally managed, diversified real estate exposure through a trusted international operator with deep local roots across major Chinese markets.