Mapletree closes first round of emerging Asia logistics development fund at over US$500 million
It aims to raise an additional US$200 million for the second close by early next year
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[SINGAPORE] Mapletree Investments has secured more than US$500 million in equity commitments for the first close of its Mapletree Emerging Growth Asia Logistics Private Trust (Mega).
This comprises US$250 million secured at the first close of the fund and more than US$250 million raised through a joint venture and direct co-investments into selected development projects in Malaysia.
Investors include sovereign wealth funds, a pension fund and a national investment company, said Mapletree on Tuesday (Sep 1).
The fund has an initial seeded portfolio comprising four development projects in Malaysia, one development project in India and two warehouses in Vietnam.
When fully deployed, Mega, the joint venture and co-investments are expected to comprise a portfolio of assets with a total investment value of US$2.1 billion across the fund’s target markets.
Mega is targeting to raise an additional US$200 million in capital commitments for the second close by early next year.
The fund aims to deliver an internal rate of return in excess of mid-teens, said Mapletree.
It will invest in logistics developments across Malaysia, Vietnam and India, where rising domestic consumption, manufacturing activity and supply chain diversification are driving demand for modern logistics facilities amid a structural shortage of institutional-grade logistics space.
Earlier, The Business Times reported that the fund’s target allocation was about 40 per cent each to Malaysia and Vietnam, and 20 per cent to India.
The private fund, one of a series of Mapletree logistics development private funds, follows the syndication of two similar funds in China and Japan over the last few years: the Mapletree China Logistics Investment Private Fund and the Mapletree Japan Investment Country Private Trust.
Logistics is Mapletree’s largest asset class, accounting for about 43 per cent the group’s assets under management, or S$32.4 billion.
As at end-March 2026, the asset manager manages 22.8 million square metres of logistics space across 12 markets globally.
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