Global logistics real estate investor GLP has partnered with Chinese state-owned insurer China Life and agribusiness player China Co-Op Group to set up a modern logistics industry fund with a debut size of nearly 3 billion yuan ($471 million).
The fund, dubbed GLP Co-Op Development Fund, targets to raise up to 20 billion yuan ($3.14 billion) in capital commitment.
According to the statement, China Life will be the anchor investor in the fund, which will be managed by a joint venture set up by GLP and China Co-Op last year.
In April 2020, GLP and China Co-Op had established a JV to invest in food processing and delivery services covering logistics, cold chains, among others.
The GLP Co-Op fund is expected to be allocated to seven under-developed assets such as cold chains and central kitchens across Beijing, the Greater Bay Area and Midwest region.
It claims that the investment will help revamp the regional logistics service capacity while improving connectivity with the logistics assets managed by GLP and China Co-Op.
Headquartered in Singapore, GLP has built a presence in logistics, data infrastructure, renewable energy and novel technologies across 17 countries, It manages over $120 billion in assets.
Before the fund, GLP had previously joined hands with China Life to launch an approximately $3.14 billion income fund aimed at logistics assets in 2018. China Life is an insurance conglomerate with business spanning asset management, alternative investment, private equity fund, among others. It generated about 1 trillion yuan ($157 billion) in annual revenue in 2020.