GCP holds USD2.3bn final closing of logistics property fund
GLP Capital Partners (GCP) has held the final closing of its North American logistics real estate fund, GLP Capital Partners IV, with over USD2.3 billion in aggregate capital commitments.
The Fund exceeded its USD2 billion target and is the largest discretionary closed-end fund focused on North American logistics real estate ever raised. It is also one of the largest first-time discretionary real estate funds in history. The Fund is capitalised by a diverse group of prominent domestic and international institutional investors, including public and corporate pensions, sovereign wealth funds, insurance companies, asset management firms, endowments, and family offices.
Los Angeles-based GCP was established in 2019 by the team that is responsible for the largest private real estate transaction in history. Following their record-breaking USD18.7 billion sale of the GLP US portfolio in 2019, the team launched GCP as an independent investment manager alongside Modlo, its wholly-owned logistics real estate company.
“We began raising this fund just as the global pandemic changed so much about our economy and daily lives,” sys Alan Yang, Founder, CEO, and Senior Managing Director of GCP. “Our team stayed focused on delivering a compelling value proposition to investors. The fundraise is a testament to the demand for logistics real estate driven by accelerating e-commerce. We are grateful for the trust of our limited partners and we look forward to continuing to put their capital to work.”
The Fund aims to invest in institutional-quality logistics assets across the value creation spectrum that are strategically located in infill and key distribution markets. At its final closing, the Fund was over 50 per cent committed to investments. Its curated portfolio comprised more than 25 million square feet in markets such as Southern California, Eastern Pennsylvania, Seattle, Portland, and South Florida.
PJT Park Hill acted as exclusive placement agent for the Fund and Kirkland & Ellis LLP served as legal advisor to GCP.