Pacific Alliance Launches China Real Estate Fund

Oct 24 2007 | 11:05am ET

Pacific Alliance Group is adding a Greater China real estate strategy to its portfolio of alternative investment products. The $3.5 billion Hong Kong-based hedge fund and private equity manager is launching the Pacific Alliance China Land fund in November with a target of US$350 million.

The fund will invest across residential, commercial and industrial sectors targeting completed and semi-completed projects through forced sale and distressed situations, according to marketing materials obtained by FINalternatives. It will also take pre-IPO equity stakes in leading regional developers, followed by direct co-investment in selected real estate projects.

Approximately 60% of the fund’s portfolio will be invested in what the firm deems as “second and third tier” cities and the remaining balance will be invested in more visible locales such as Hong Kong and Macau.

Horst Geicke and Chris Gradel founded Pacific Alliance in 2002. The firm currently manages the $1 billion Asia Opportunity Fund, an arbitrage hedge fund focusing on Greater China, and ARC Capital Holdings, a $570 million Greater China buyout fund.

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