WHY ASIA WORKS DIFFERENTLY
As the most dynamic region globally today, Asia offers a wide range of investment opportunities, driven by growing urbanization & the rise of the middle class
In particular, the real estate industry in Asia has grown substantially and is one of the largest sectors for both domestic & foreign investment across the region
Asia is the fastest growing market in the world...
...but with high growth, comes high volatility
The rapid growth over the past 30 years has come at the cost of stability - markets are unpredictable and shift much more rapidly vs. the West
In Asia, timing is everything
Real estate, especially in Asia, is a highly local & specialized industry
While real estate is always a local business, the Asian real estate industry is particularly dominated by locals, particularly family-run companies & local conglomerates
Unlike in the West, real estate as a listed operating business is common & widespread
In every major Asian market, many of the largest listed companies are real estate players
WHAT MAKES EXS UNIQUE
The EXS strategy is to adapt to Asia's unique markets by investing into real estate companies & platforms
Rather than compete with the locals, we aim to partner with them
We don't invest into individual assets, but rather into real estate companies & management teams, such that we can form a partnership to grow the platform as a whole
We invest in multiple stages into the same platform over the long term, with the ultimate goal of realizing value for the platform through an IPO, REIT listing, or platform sale
We have two main focuses
Traditional Real Estate Developers
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Traditional developers of residential, commercial and/or hospitality real estate
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Proven execution ability with good product design & quality as well as ability to originate
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Strong local expertise, networks, and knowledge in a particular geography
Sector Specialists
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Specialized management teams focused on thematic real estate sectors
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Alternative asset classes within real estate such as data centers, logistics, healthcare, etc.
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Regional or global focus across multiple jurisdictions
We sponsor & invest into each project on a
platform-by-platform approach
Given Asian volatility & the long cycle for real estate assets, we do not believe blind pool closed-end funds work well
A deal-by-deal approach allows us to flexibly partner with management teams, with no artificial fund deadlines - each deal can have its own structure, instrument, tenor, etc.
We sponsor multiple rounds of investment over time, from our own managed funds as well as from co-investors, with the goal of gradually growing the company's valuation while decreasing their cost of capital
Our ultimate goal is to realize value through an IPO, REIT listing, or platform sale
We strongly believe that for Asian real estate platforms the whole is worth much more than the sum of its parts
Rather than dispose assets one-by-one like a traditional closed-end fund, we want to build a lasting business and preserve its value as a platform
Ultimately our strategy allows both investors & management to significantly grow their wealth
