Citi Singapore and Citi Hong Kong are launching new evergreen funds for high-net worth (HNW) clients as part of strategic partnerships with Blackstone, Blue Owl and KKR.
The bank said the new funds will give its Citigold Private Clients in Asia and the Middle East access to enhanced wealth solutions and greater portfolio diversification.
Yeo Wenxian, head of wealth for Asia South, Citi, said: “We are excited to work with Blackstone, Blue Owl and KKR to leverage their industry leadership, investment expertise and robust deal-sourcing capabilities.”
“These investment vehicles will deepen and broaden Citi’s comprehensive wealth management offerings, further cementing our role as a trusted partner to our clients in their wealth journeys.”
The new funds will be in an evergreen format, enabling Citi clients the option to invest in private equity, credit, infrastructure and real estate.
The bank said the structure will provide more flexible subscription and liquidity terms than traditional closed-ended private markets solutions, subject to a minimum initial holding period.
Vicky Kong, Head of Wealth, Asia North and Australia, Citi, said: “In today’s complex and volatile market, our clients are rightly seeking resilient, diversified sources of returns beyond traditional public markets.”
“This collaboration with Blackstone, Blue Owl and KKR directly addresses that demand, providing sophisticated access to private markets that were once the exclusive domain of institutional and private bank investors.”
The bank said the launch of the funds has already begun and more funds will be rolled out in the coming months.
Jacqueline Zhuang, managing director and head of global wealth solutions Asia Pacific ex-Japan at KKR said: “Individual wealth investors expect access to the same private markets investment opportunities as institutions.”
“Together with Citi, we are focused on delivering a comprehensive solution that combines investor service, education, and access to KKR’s differentiated investment capabilities.”
Ed Huang, head of Asia Pacific for Blackstone private wealth, said: “We remain committed to expanding access to institutional-quality private market opportunities for Citi’s high-net-worth clients, helping them diversify their portfolios.”
“Education is the cornerstone of our platform, and we look forward to deepening our partnership by providing enhanced resources and insights into private markets.”
Mr Sean Connor, CEO and global head of private wealth at Blue Owl Capital, said: “Our global partnership with Citi for their platform expansion in Asia is a critical milestone in our collective effort to provide best-in-class access to the private markets for investors.”
“Our priority is to continue to provide differentiated access to institutional-grade solutions that empower investors to unlock the full potential of the private markets in their portfolios with leading global partners like Citi.”
