Keppel Capital Holdings' private fund management arm Alpha Investment Partners has announced the final closing of the Alpha Asia Macro Trends Fund (AAMTF) III, having raised a total of about US$1.1 billion (S$1.5 billion), including co-investments. This exceeded its initial target of US$1 billion.
AAMTF III, the third value-add pan-Asian fund in the Alpha Asia Macro Trends series, saw a diverse group of institutional investors, including pension funds and endowments. Launched in 2007, the series focuses on "mega trends driving long-term growth in Asia-Pacific", which include urbanisation and intra-regional tourism.
AAMTF III targets to invest in multi-asset classes across key gateway cities in the region, including Singapore, Shanghai, Beijing, Tokyo, Sydney, Melbourne, Brisbane and Seoul. The target asset classes comprise retail and accommodation assets as well as offices, business parks and logistic facilities. To date, the fund has made investments in Shanghai, Tokyo and Brisbane.
When fully leveraged and invested, AAMTF III will have assets under management (AUM) of about US$2.4 billion. Including AAMTF III, Alpha currently manages six real estate and data centre funds with total AUM of US$9.5 billion as at Dec 31 last year on a fully leveraged and invested basis.
The offer for electrical products trader and distributor Sunrise Shares has been made unconditional, while the closing date has been extended to Feb 7.
Last month, Hong Kong-based businessman Wong Siu Fai acquired a 90 per cent stake in Quality Able, which holds a 4.49 per cent stake in Sunrise Shares, for $122,400. Including his direct and deemed stake of 29.73 per cent at the time, this pushed his total stake past the 30 per cent threshold, triggering the requirement for a general offer for the rest of the company's shares. He has made an offer of $0.017 per share.
As at Wednesday, the total number of shares owned, controlled or agreed to be acquired by Mr Wong and his concert group; and valid acceptances to the offer, amount to some 95.88 million shares, representing about 53.8 per cent of the company, Sunrise Shares said in an exchange filing yesterday.
Sunrise Shares, formerly ITE Electric,was one of those caught up in 2013's penny stock saga. After being called up for investigations, ITE's then chief executive Ho Cheng Leong sold his stake to the firm's former non-executive chairman, who later also divested his entire stake for $6 million to Mr Wong in 2016.