Pacific Alliance builds $412m of Chinese assets

The private equity fund, listed on the London Stock Exchange, has invested half of the $400m it raised in its IPO last November.

Pacific Alliance China Land has built up a portfolio with a net asset value of $412 million, it said today.

The private equity firm, which was updating shareholders on progress for the six months since its IPO in November, said the nav had increased by 3.35 percent.

Pacific Alliance, which raised $400 million when it floated in London, also said it had invested 50 percent of the equity.

So far, its investments include a 4.9 percent stake in Hainan Airport Group, which owns airports around China, $40 million in mid-sized developer, Pearl River Delta Region, a bridge loan extension to a Beijing developer in the Chaoyang District and a $15 million investment in Shanghai-based Yangtze River Delta.

Patrick Boot, managing partner, said the company had enjoyed an active investment program in the company's first six months. “We are well on the way to building a substantial portfolio of property assets in the residential, office, retail, hospitality and industrial real estate sectors,”  he added.