Group Fund Income (US$ billion) FY2021 (ESR) FY2021 (Pro Forma ESR Group) 244 650 year-on-year 167% Fundraising momentum remains strong across the broader Group as we continue to deepen relationships with new and existing capital partners. For full year 2021, the enlarged ESR Group raised US$13.2 billion of new capital mandates with an average co-investment of just 8%1. The Group still has US$9.8 billion of dry powder to invest in New Economy which puts us in a good position to continue growing our fund management EBITDA. During FY2021, we have executed the following fund raising initiatives: Category Country Equity raised (US$ million) Development China 1,256 Japan 675 Australia 2,850 Southeast Asia 566 Pan APAC 185 Core/Core Plus Japan 884 South Korea 1,376 Australia 1,476 Southeast Asia 103 Others 3,830 Total 13,200 ACCELERATING ASSET-LIGHT TRAJECTORY With the addition of ARA, the Enlarged ESR Group has expanded products and capital relationships to further accelerate our asset light trajectory to enhance ROI. We can make the business even more capital efficient now through: 1) Leveraging the historically lower co-investment stakes in the ARA/Logos vehicle to progressively reduce our stakes in future vehicles, 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 newely expanded portfolio of REITs and core investment vehicles. DEVELOPMENT 42% CORE / CORE PLUS 40% LISTED REITS 7% INFRASTRUCTURE 11% / OTHERS ESR 44% ARA 29% LOGOS 27% FY2021 Capital Raised By Fund Type FY2021 Capital Raised By Entity E S R C A Y M A N L I M I T E D A N N U A L R E P O R T 2 0 2 1 87
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