SC Capital Partners founder and chairman Suchad Chiaranussati
The financier behind Singapore’s SC Capital Partners is backing a newly established boutique advisory firm headquartered in Abu Dhabi that focuses on real assets including commercial properties, hotels and data centres.
Elaeo Partners has won the support of SC Capital founder and chairman Suchad Chiaranussati and Andrew Pettit, co-founder of London-based fund manager Revcap, as the firm seeks to profit from the growing stream of cross-border institutional capital flows between Asia, Europe and the Middle East, according to a Tuesday announcement.
Elaeo was set up by managing partner Kapil Jobanputra, a former Standard Chartered executive who led global real estate advisory and financing at the Asia-focused British bank until earlier this year. While Elaeo plans to focus on strategic capital outflows from the Middle East, Jobanputra noted that such flows are no longer in one direction.
“Global investors increasingly view the region as a long-term destination, offering compelling, risk-adjusted opportunities,” he said. “Clients also require a more discreet and flexible approach with sector intelligence and relationships being paramount to uncovering opportunities.”
Cross-Border Dealmaker
During his 13-year tenure at StanChart, Jobanputra spearheaded several high-profile cross-border transactions for sovereign wealth funds, global asset managers and family offices, Elaeo said.
Elaeo managing partner Kapil Jobanputra
Notable deals included Canadian fund manager CDPQ’s $5 billion investment in a port and industrial zone in Dubai, as well as the sale of ICD Brookfield Place, an office tower in Dubai’s financial district.
Elaeo has affiliate offices in London and Singapore at shared addresses with Revcap and SC Capital, the $8.5 billion fund manager that Thailand native Suchad launched in 2004 and agreed to sell to Temasek-owned CapitaLand Investment last year.
“As strategic investors representing Asia and Europe respectively, their support brings deep sector intelligence, enhanced deal origination, and senior-level market access across global markets,” Elaeo said of SC Capital and Revcap.
Mideast Heating Up
Long a nexus of outbound capital, the Gulf Cooperation Council region of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates is gaining as a destination for global property investors. Canadian giant Brookfield recently partnered with Abu Dhabi-based Lunate on a $1 billion joint venture to invest in residential real estate in the Middle East.
Earlier this month, Hong Kong’s Gaw Capital Partners announced its acquisition of a residential building at Mamsha Gardens, a property on Saadiyat Island in Abu Dhabi, for a net purchase price of more than $150 million.
Developed by Aldar, Mamsha Gardens is a low-density project with seven residential buildings in Saadiyat Cultural District, known for its museums such as Louvre Abu Dhabi and the future Guggenheim Abu Dhabi. The property comprises 71 units with a total saleable area of 176,046 square feet (16,355 square metres) and is expected to be completed in 2028.
Also in May, Rava Partners revealed its acquisition of the real estate interest of a Dubai school in a deal valuing the property at $100 million, marking the Singapore-based fund manager’s maiden investment in the Middle East.
The real estate division of Hillhouse Investment picked up Hartland International School from a fund managed by London-based Janus Henderson, making the purchase via portfolio company Elevate, an education infrastructure specialist, in collaboration with Rava’s India-based operating partner Alta Capital.
