Key Takeaways
- • SC Capital Partners closed RECAP V at $850 million, comprising $650 million in equity commitments and $200 million in co-investment, falling $150 million short of its $1 billion hard cap target.
- • The fund, managed by Thai-Chinese financier Suchad Chiaranussati, launched in August 2017 and achieved its first close of $383 million in December 2017, with the final close announced in May 2019.
- • Eighty-two percent of RECAP V's capital derived from existing investors, including US public pension funds Fort Worth Employees' Retirement Fund, SFERS, and COPERS, alongside university endowments, family offices, insurance companies, and funds of funds across North America, Europe, and Asia Pacific.
- • The opportunistic Asia Pacific real estate fund targets undervalued property assets across the region, positioning itself within SC Capital's broader RECAP series, which has raised approximately $2.7 billion in total equity commitments across multiple vintages.
- • New investors joining RECAP V include an unnamed US endowment fund and a Thai-based institutional investor, indicating continued institutional confidence in SC Capital's deep-value real estate deployment strategy.
Summary
Singapore-based SC Capital Partners announced the final close of its fifth Asia Pacific real estate fund, RECAP V, at $850 million in May 2019. The capital structure comprised $650 million in equity commitments to the pooled vehicle and an additional $200 million in co-investment commitments from existing fund participants. Despite this substantial raise, the fund fell $150 million short of its $1 billion hard cap when the initiative launched in August 2017.
The fundraising process spanned approximately 20 months, with the fund achieving its first closing of $383 million in December 2017 before reaching final close in May 2019. This timeline reflects the competitive institutional fundraising environment and the selective approach SC Capital employed in building its investor base. The fund's composition demonstrates strong retention of existing relationships, with 82 percent of committed capital sourced from repeat investors across multiple geographies.
RECAP V attracted institutional capital from North America, Europe, and Asia Pacific, with notable participants including US public pension systems Fort Worth Employees' Retirement Fund, SFERS (San Francisco Employees' Retirement System), and COPERS. Additional backing came from university endowments, private foundations, family offices, insurance companies, and funds of funds. The fund also secured commitments from new investors, including an unnamed US endowment and a Thai-based institutional investor, expanding SC Capital's institutional footprint.
The fund's strategy focuses on deploying capital into undervalued real estate assets across the Asia Pacific region through an opportunistic and deep-value approach. Suchad Chiaranussati, SC Capital's founder, emphasized the firm's commitment to "delivering attractive risk-adjusted returns through our entrepreneurial and deep-value approach to deploying capital." RECAP V represents the fifth discretionary private equity fund in the RECAP series, which has cumulatively raised approximately $2.7 billion in equity commitments, establishing SC Capital as a sustained allocator of institutional capital to regional real estate opportunities.
The fundraising process spanned approximately 20 months, with the fund achieving its first closing of $383 million in December 2017 before reaching final close in May 2019. This timeline reflects the competitive institutional fundraising environment and the selective approach SC Capital employed in building its investor base. The fund's composition demonstrates strong retention of existing relationships, with 82 percent of committed capital sourced from repeat investors across multiple geographies.
RECAP V attracted institutional capital from North America, Europe, and Asia Pacific, with notable participants including US public pension systems Fort Worth Employees' Retirement Fund, SFERS (San Francisco Employees' Retirement System), and COPERS. Additional backing came from university endowments, private foundations, family offices, insurance companies, and funds of funds. The fund also secured commitments from new investors, including an unnamed US endowment and a Thai-based institutional investor, expanding SC Capital's institutional footprint.
The fund's strategy focuses on deploying capital into undervalued real estate assets across the Asia Pacific region through an opportunistic and deep-value approach. Suchad Chiaranussati, SC Capital's founder, emphasized the firm's commitment to "delivering attractive risk-adjusted returns through our entrepreneurial and deep-value approach to deploying capital." RECAP V represents the fifth discretionary private equity fund in the RECAP series, which has cumulatively raised approximately $2.7 billion in equity commitments, establishing SC Capital as a sustained allocator of institutional capital to regional real estate opportunities.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.