ESR Group Limited Annual Report 2022 33 new/upsized funds/mandates, of which 85% of the capital raised was New Economy-focused and includes a new Pan Asian discretionary logistics core-plus vehicle. As of 31 December 2022, The Group has a record US$19.9 billion of “dry powder” to capitalise on new opportunities, giving the Group the agility to take advantage of market dislocation. FY2022 FUNDRAISING Fund Type Region Equity raised (US$ million) Development Greater China 442 South Korea 500 Australia & New Zealand 832 Southeast Asia 169 APAC 1,046 Core Greater China 1,000 Japan 476 South Korea 70 Australia & New Zealand 410 Southeast Asia 366 India 250 APAC 250 U.S. & Europe 292 Others U.S. & Europe 526 Southeast Asia 1,000 TOTAL 7,629 FY 2022 FY 2021 152 36 330% Fund AUM (US$ billion) FY 2022 FY 2021 713 192% 244 Fund Income (US$ million) ACCELERATING ASSET-LIGHT TRAJECTORY ESR Group has expanded products and capital relationships to further accelerate our asset light trajectory to enhance ROI. In FY2022, the Group further lowered its average co-investment stake to 7.4%, placing it in a good position to take on greater development capacity, ESR continues to invests significant capital alongside its capital partners to align interests, while meaningfully enhancing the Group’s tangible return on equity while maintaining sufficient funding capacity across the Group. ESR continues to focus on increasing capital efficiency through: 1) Managing our co-investment stakes to create strong alignment while retaining capital for growth 2) Increasing margins by expanding upon our Pan-Asia investment vehicles which will enlarge our family of fully-discretionary investment products and attract a different segment of institutional investment partners; 3) Selling-down our data centre assets acquired on balance sheet to seed our new planned data centre fund; and 4) Accelerating the recycling of capital from mature development projects (on our balance sheet and in our funds) into our newly expanded portfolio of REITs and core investment vehicles. 85% New Economy by strategy 15% Traditional RE Funds/Others Capital raised in FY2022 39% Development 41% Core/Core Plus Funds 20% Alternatives/Others by fund type 19% Greater China 8% South Korea 16% Australia/New Zealand 20% SoutheastAsia 17% APAC 11% US/Europe 9% Others by region STRATEGIC REPORT STRATEGIC REPORT FINANCIAL STATEMENT
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