Fee Income-related Business Performance Private Funds Management CLI’s private funds growth strategy focuses on creating a diversified portfolio centred on targeted thematics, utilising customised strategies across key markets and funding channels. Despite a highly challenging dealmaking environment in 2024, we successfully launched eight new funds and deployed S$2.2 billion across new and existing funds. FRE from our private funds increased by 10% YoY to S$122 million, bolstered by a S$7 million increase in event-driven fee income to S$16 million. The strategic acquisitions of 40% stake in SCCP, and Wingate further strengthened CLI’s private funds platform, contributing S$7 billion in FUM. Together with organic growth, CLI’s total private funds FUM increased by 24% YoY to S$47 billion in FY 2024—a 47% rise from S$32 billion at CLI’s listing in 2021. 1 As at 31 December 2024. 2 Incudes the FUM of Wingate and private funds of SCCP. 3 Excludes funds under SCCP and Wingate. Funds by Asset Class3 FUM (S$ billion) 4 Refers to total fund size. 5 Includes multifamily and student accommodation. 6 Includes wellness, residential and strata sales. FY 2023 FY 2024 38 24% 40 47 2 5 Wingate SCCP Organic Growth Integrated 11 E ĝ 8 8Ä¡§ÖܧÖŅŁ W· ŁWÜÄÒ~¡ŅŁ Industrial 8 Retail 6 Lodging5 2 àÖ§¾ÖÖŁ Park 2 ~Ü~Ł ¾ÜÒÖ 2 Others6 1 ?ÄńŁÄ Ł ÖÖÜÖ 8 43 27 15 11 5 4 6 Private Funds FUM (S$ billion) Snapshot of CLI Private Funds1 Total Equity Invested S$20 billion3 Total FUM S$47 billion2 Committed Equity S$25 billion3, 4 (S$2.2 billion3 raised in FY 2024) FY 2024 Performance Review 30 CapitaLand Investment Limited Advancing Growth Opportunities Through Megatrend-thematic Strategies Aligned with CLI’s strategic focus on Demographics, Disruption, and Digitalisation, we pursued disciplined growth through fund management and M&A within these priority areas. In FY 2024, CLI raised S$2.2 billion in committed equity, with S$1.7 billion of third party capital. The capital was deployed across 11 thematic funds and strategies. These include CapitaLand SEA Logistics Fund, CapitaLand India Growth Fund II, CapitaLand Ascott Residence Asia Fund II (CLARA II), and the Korea Office Value-Add Fund, demonstrating CLI’s diversified footprint in Asia Pacific. The launch of CLARA II reaffirms CLI’s leading expertise in lodging investments, serving as a follow-on fund to Ascott Serviced Residence Global Fund (ASRGF), which is currently harvesting. We also deepened partnerships with repeat investors such as AIA Life Insurance, through a joint venture to recapitalise Capital Square Beijing in China, highlighting their continued trust in our platform and strategies. Theme Sector Fund and Vintage Assets Demographics Lodging & Living CapitaLand Ascott Residence Asia Fund II (2024) Serviced residences and coliving assets in developed Asia Pacific markets, with lyf Shibuya Tokyo and a 50% stake in lyf Bugis Singapore as seed assets. Wellness CapitaLand Wellness Fund (2023) 50% stake in lyf Bugis Singapore, an orthopedic hospital, and two wellness-themed residences in Bangkok, Thailand. Self Storage Extra Space Asia (2022) Acquired two industrial assets in Singapore to be converted into self storage facilities, as well as four facilities in Osaka through a partnership with Ambitious, Japan’s largest self storage manager. Disruption Private Credit Australia Credit Program (2024) Two first mortgage real estate private credit transactions in Australia. CapitaLand Korea Investment No. 1 Private Equity Fund (2024) A KRW40 billion loan deployed in 2025 for the development of a data centre in Guro, Seoul, Korea. Logistics Core Logistics JPY Fund (2024) Two logistics properties in Greater Tokyo and Osaka, Japan. CapitaLand SEA Logistics Fund (2022) Acquired OMEGA 1 Bang Na, a freehold site for a logistics property development in Bangkok, Thailand. Digitalisation Data Centres Direct investment by CLI Invested in a freehold land parcel in Osaka in 2025 with expected total investment cost of more than US$700 million (S$944.3 million) to develop CLI's first data centre in Japan for future funds. Others: Core to value-add play in the office and business park space. 1. Capital Square Ruby Ventures (2024): Capital Square Beijing, a Grade A office property in China. 2. Korea Office Value-add Fund (2024): Golden Tower, a 20-storey office property in South Korea. 3. China Business Park RMB Fund III (2024): Ascendas iHub Suzhou in China. New private fund launches contributed to more than half of total private fund investments, with the CapitaLand SEA Logistics Fund and CapitaLand Wellness Fund making their first investments. Nearly two-thirds of deployed capital was directed toward CLI’s thematic sectors of lodging & living, wellness, private credit, logistics and self storage, reinforcing our focus on diversifying into high-growth and resilient asset classes. 31 Annual Report 2024
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