(Source: Getty Images Bank) South Korea s Government Employees Pension Service (GEPS) is planning to commit a combined 150 billion won ($135 million) to three
By Anna J. Park
Mirae Asset is facing the potential loss of a huge sum of the principal put in its overseas investment in the Frontera gas-fired power plant project, as the Texan plant owner filed for bankruptcy earlier this month.
Earlier, Mirae Asset Financial Group s three affiliates and the Korean Teachers Credit Union (KTCU) jointly decided in 2018 to invest a total of 160 billion won ($144 million) ― 80 billion won each ― providing senior secured debt loans to the natural gas plant that sells its electricity to Mexico.
Back then, the investment had been considered stable and profitable, as global asset manager Blackstone Group owned 100 percent equity of the plant operator, Frontera Generation Holdings. It was the first overseas infrastructure investment by the KTCU, the manager of teachers pension funds.
Patrizia received the Best Client Service award.
In the category of mid-cap real estate GPs, Los Angeles-based
PCCP LLC was picked Best of the Best. PCCP focuses on senior and mezzanine debts in small- to medium-sized commercial buildings, as well as value-add investments.
INFRASTRUCTURE
Macquarie received the same amount of votes as Brookfield and was jointly awarded Best of the Best infrastructure manager.
Australia’s
Schroders and
Antin Infrastructure Partners was awarded Best Client Service.
Among mid-cap GPs,
Equitix was awarded Best of the Best, followed by
InfraRed Capital Partners who won Best Performance. Through the two UK investment firms, NPS, POBA and Korean insurers, including Hyundai Merchant, invested in the operator of London Orbital Motorway, or M25, as well as Britain’s High Speed 1 (HS1).
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KKR invested in this Incheon logistics facility under its Asia Real Estate Partners strategy
Around two years after kicking off its first dedicated vehicle for investing in Asian real estate, US private equity firm KKR has exceeded its original goals for the opportunistic venture.
The New York-based fund manager has completed fund raising for KKR Asia Real Estate Partners (AREP) after having received $1.7 billion in commitments for the fund, according to an announcement today. By mid-2020, the strategy had reached a first close of $698 million on its way to what was then a $1.5 billion target.
“AREP’s close marks the next chapter of growth for KKR in Asia Pacific as we continue to expand our position as a proven alternative capital provider across asset classes,” KKR’s head of Asia Pacific, Ming Lu, said in a statement.