The Caisse de dépôt et placement du Québec has led a series D financing totalling US$150 million for Mofang Apartments, an institutional rental company based in Shanghai, China.

“As a long-term investor, [the Caisse] seeks to be a constructive shareholder, working together with the management and partners to build good companies,” said Meng Ann Lim, head of private equity for Asia Pacific at the Caisse, in a press release.

As a Chinese domestic institutional rental company, Mofang is present in 20 of the country’s urban centres.

“This latest round of financing enables Mofang to augment the brand’s market presence, extend its operational capabilities, enhance the IT system and loyalty programme, pursue [mergers and acquisitions] and further expand the franchise business,” said Kitty Liu, chief executive officer of Mofang.