GCP’s China Income Fund VIII closes with $359m of equity commitments

GLP Capital Partners (GCP) has closed China Income Fund VIII (CIF VIII), the latest fund in its flagship onshore income fund series, with equity commitments of approximately RMB 2.6 billion ($358.74 million). The capital was raised from a group of five domestic insurance companies featuring new and repeat investors who have previously participated in GCP’s onshore RMB funds.

GCP introduced its first RMB-denominated strategy in 2017 to meet the growing demand from domestic institutional investors for income-producing logistics and industrial assets in China.

The CIF VIII portfolio comprises over RMB 5 billion ($689.89 million) of core, income-generating modern logistics assets with total gross floor area of 870,000 square meters (9.36 million square feet) located across key logistics hubs, including Shanghai, Guangzhou, Zhongshan, Xiamen, Changsha and Chengdu. The assets were seeded from GLP’s balance sheet and are leased to companies in manufacturing, logistics, ec