Key Takeaways
- • Patrick Boocock, CEO of CapitaLand Investment's private equity alternative assets division, departed the company effective December 15, 2023, after approximately two years in the role, citing personal reasons and returning to Australia.
- • CapitaLand's private funds business—which Boocock helped build from October 2021 onward—currently manages S$29 billion ($21.7 billion) across 30 private vehicles, representing a significant growth initiative for the Singapore-based real estate investor.
- • Andrew Lim, CapitaLand group chief operating officer, has assumed acting CEO responsibilities for the private equity alternatives division during the transition period.
- • Under Boocock's leadership, the private funds team established a joint venture with Dutch pension fund manager APG to deploy up to S$1.14 billion in the acquisition and expansion of self-storage operator Extra Space Asia, demonstrating execution capability in alternative sectors including private credit and real estate infrastructure.
- • Boocock brought nearly nine years of Asia-focused asset management experience from Brookfield Asset Management prior to joining CapitaLand as part of a strategic 2021 expansion effort that also recruited former BlackRock executive Simon Treacy.
Summary
CapitaLand Investment announced the departure of Patrick Boocock, chief executive officer for private equity alternative assets, effective December 15, 2023. The 50-year-old executive cited personal reasons for his exit and is returning to Australia. Andrew Lim, the company's group chief operating officer, assumes acting CEO responsibilities for the private equity alternatives business during the interim period.
Boocock joined CapitaLand in October 2021 as part of a deliberate strategic expansion into private funds management. Prior to this appointment, he spent nearly nine years at Brookfield Asset Management in Japan, where he held the position of managing partner and head of Asia. His recruitment, alongside former BlackRock executive Simon Treacy, signaled CapitaLand's ambition to transition from its historical position as Singapore's largest real estate investment trust operator into a significant player in alternative asset management.
During his two-year tenure, Boocock led the development of CapitaLand's private fund business across alternative sectors including private credit and real estate infrastructure assets such as data centers and social infrastructure. The division has achieved substantial scale, currently managing S$29 billion ($21.7 billion) deployed across 30 private vehicles. Including both private and public fund management, CapitaLand Investment oversees S$133 billion in total real estate assets under management, according to company statements.
A noteworthy transaction executed under Boocock's leadership was the establishment of a joint venture with APG, the Dutch pension fund manager, to invest up to S$1.14 billion in the acquisition and expansion of self-storage operator Extra Space Asia. This deal exemplified the division's capacity to execute substantial alternative real estate investments leveraging institutional partnership structures.
The departure creates a leadership transition for CapitaLand's private funds initiative at a critical growth phase, with Andrew Lim assuming operational oversight while the company likely seeks a permanent successor.
Boocock joined CapitaLand in October 2021 as part of a deliberate strategic expansion into private funds management. Prior to this appointment, he spent nearly nine years at Brookfield Asset Management in Japan, where he held the position of managing partner and head of Asia. His recruitment, alongside former BlackRock executive Simon Treacy, signaled CapitaLand's ambition to transition from its historical position as Singapore's largest real estate investment trust operator into a significant player in alternative asset management.
During his two-year tenure, Boocock led the development of CapitaLand's private fund business across alternative sectors including private credit and real estate infrastructure assets such as data centers and social infrastructure. The division has achieved substantial scale, currently managing S$29 billion ($21.7 billion) deployed across 30 private vehicles. Including both private and public fund management, CapitaLand Investment oversees S$133 billion in total real estate assets under management, according to company statements.
A noteworthy transaction executed under Boocock's leadership was the establishment of a joint venture with APG, the Dutch pension fund manager, to invest up to S$1.14 billion in the acquisition and expansion of self-storage operator Extra Space Asia. This deal exemplified the division's capacity to execute substantial alternative real estate investments leveraging institutional partnership structures.
The departure creates a leadership transition for CapitaLand's private funds initiative at a critical growth phase, with Andrew Lim assuming operational oversight while the company likely seeks a permanent successor.
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