Taronga Ventures nears target for first fund with CDL commitment

Proptech investor Taronga Ventures is getting close to the $200m target for its first fund. 

Singapore developer CDL committed an undisclosed sum to the RealTech Ventures I Fund this week, following recent commitments from Qantas Super, Dutch pensions group APG and Canadian investor Ivanhoé Cambridge. The fund will invest in proptech companies which are relevant to the Asia Pacific region, with a focus on sustainability-linked ventures. 

The fund, which has attracted investment from a range of blue-chip institutions and real estate investment managers the fund, had an initial target of only $50m but is now understood to be capped at $200m. 

“CDL’s investment in Taronga Ventures allows us to partner the market’s best in class to drive product and process innovation. Their focus on green innovations complements our ESG and sustainable investment initiatives, and supports our decarbonisation efforts,” said Mr Sherman Kwek, CDL’s group chief executive officer.

APG and Ivanhoé Cambridge also announced they would become partners in in Taronga Ventures’ ESG Impact innovation program, which will be implemented across Asia in 2022 and 2023. The program supports the adoption of best-in-class ESG technologies and innovations that drive real and measurable change.

“We are delighted to be partnering with Taronga Ventures for our first proptech investment in Asia Pacific. The partnership will allow us to have direct access to some of the latest innovations in our industry which will bring long-term benefits to our wider real estate portfolio. The fund’s strong focus on ESG related tech also perfectly aligns with our vision to drive longer term sustainability within real estate,” said Graeme Torre, managing director and head of real estate for APG Asset Management Asia Pacific.