CapitaLand Investment grows funds under management to $125 bil in FY2025, to accelerate capital recycling in 2026

Atiqah Mokhtar

/ EdgeProp Singapore

February 11, 2026 12:40 PM SGT

propertyeditor@edgeprop.sg

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Lee: We will sharpen our portfolio through accelerating divestments and redeployment, balancing pace and pricing to enhance earnings quality and resilience. (Picture: CapitLand Investment)

CapitaLand Investment (CLI) closed its FY2025, which ended Dec 31, 2025, with funds under management (FUM) totalling $125 billion, up 7% y-o-y from $117 billion in FY2024. The growth was driven by both its private and listed funds, with total equity raised almost doubling to $6.5 billion last year.

According to the firm, FUM growth was supported by larger follow-on funds launched during the year, as well as strong organic growth, along with CLI’s strategic investments in Australian private credit investment manager Wingate and Singapore’s SC Capital Partners.

CLI’s fee revenue grew 6% y-o-y to $1.23 billion for FY2025, backed by growth across all segments. The private funds management segment charted the highest growth, rising 24% y-o-y to $151 million, followed by listed funds management, which grew 8% y-o-y to $344 million. Fee revenue from commercial management and lodging management rose 1% and 2% y-o-y to $389 million and $350 million, respectively.

As part of its capital recycling strategy, CLI recorded $3.1 billion worth of divestments in FY2025. This is down from the $5.5 billion divestments logged in FY2024, which the firm attributes to a larger proportion of remaining assets in China.

Nonetheless, more divestments are anticipated this year as CLI continues its transformation into an asset-light investment manager with a recurring fee-led model. “We will sharpen our portfolio through accelerating divestments and redeployment, balancing pace and pricing to enhance earnings quality and resilience,” says Lee Chee Koon, CLI’s group CEO.

In particular, CLI states that it is evaluating portfolio and structural solutions for its China assets, amid a challenging market environment.

In addition, the company will continue to evaluate opportunities to expand and grow organically, while pursuing new opportunities, including new REIT listings. “Where it is value-accretive and commercially viable, we will leverage our debt headroom to evaluate and pursue strategic options to deepen capabilities and expand growth pathways for CLI,” says Lee. The group has a debt headroom of around $6.4 billion.

CLI also emphasised plans to expand and strengthen its lodging management platform, The Ascott. The company had earlier announced record contract signings for FY2025, which is expected to underpin long-term growth, led by asset-light expansion.

CLI reported lower earnings of $145 million for FY2025, down 70% y-o-y, primarily due to lower portfolio gains and higher revaluation losses on the group’s China portfolio. However, its operating patmi was up 6% y-o-y to $539 million in FY2025, driven by higher contributions from the listed funds business, lower interest costs and reduced operating expense. CLI is proposing a core dividend of 12 cents per share for FY2025, subject to shareholders’ approval.