Singapore-based global logistics company GLP has established a China value-add fund worth RMB10 billion (US$1.6 billion) with an investment from NYSE-listed China Life Insurance Company Ltd. GLP China Value-Add Venture I has total equity commitments of RMB10 billion (US$1.6 billion) and will focus on acquiring completed logistics and industrial assets in China. GLP China is the asset manager and will contribute seed assets to the Venture, according to GLP’s announcement. The transaction expands GLP’s fund management platform to US$46 billion, representing an annual growth rate of 56% since 2011, the company said.