Gaw Capital Real Estate Private Debt OFC filed a preliminary prospectus on October 2 as the first real estate private debt fund seeking to list on the Hong Kong Exchanges and Clearing (0388).
The fund said that by seeking a listing, it can offer eligible retail investors the opportunity to participate in an institutional-grade asset class that was previously available mainly to professional or institutional investors through unlisted, closed-end private companies. The fund is a closed-end fund, and shareholders may not request redemption of their shares.
According to the investment policy of Gaw Capital, real estate asset classes include residential, commercial excluding retail, infrastructure excluding data centers, and data centers, among others. It invests through preferential debt, subordinated debt, single-portfolio financing debt, repurchase plans, preferred shares, and private mortgage-backed securities.
The fund noted that the investment manager is currently identifying, evaluating, executing, monitoring, and exiting private loans secured by real estate assets and projects for other funds across multiple regions and countries, including but not limited to Hong Kong, Australia and New Zealand, South Korea, Singapore, Japan, Thailand, Vietnam, and the Middle East.
The fund said the investment manager has identified potential short-term investment projects that comply with the investment policy and has proposed a hypothetical portfolio of nearly HK$2.29 billion, with assets distributed across Hong Kong, Australia, South Korea, Thailand, and hotel properties in the Maldives.
