Buyout
2023 preview: Fundraising
Fundraising is difficult for all but the fortunate few private equity managers in Asia. GPs are delaying launches, shaking up strategies, and offering sweeteners; LPs are in no hurry to make commitments
Q&A: Bain Capital’s David Gross-Loh
David Gross-Loh, a managing director and a founding member of the Asia business at Bain Capital, on expanding into Osaka, targeting large-cap carve-outs in Japan, and the availability of deal financing
Thoma Bravo raises $32b for deployment in software
Thoma Bravo, a specialist investor in software companies, has closed its latest set of buyout funds with more than USD 32.4bn in commitments. This compares to USD 22.8bn in the previous vintage.
Unison Korea targets $680m for Fund III
Unison Capital is targeting KRW 800bn-KRW 900bn (USD 603m-USD 680m) for its third Korea fund, nearly twice what was raised in the previous vintage.
Apollo’s Rowan tips alternatives allocations to top 50% - AVCJ Forum
Marc Rowan, CEO of Apollo Global Management, told the AVCJ Private Equity & Venture Forum that he expects most investors to have an alternatives allocation of at least 50% within five years.
TPG reaches $3.4b first close on Asia fund
TPG has reached a first close of USD 3.4bn on its eighth flagship Asia fund, which launched earlier this year with a target of USD 6bn.
Investcorp, Fung Capital launch $500m GBA fund
Bahrain-headquartered Investcorp and Fung Capital, the PE investment arm of Hong Kong’s Fung Investments, have established a USD 500m Greater Bay Area (GBA) fund.
Baring Asia, EQT plan rollout of additional Asia strategies
Mid-cap buyout has been primed as the first of multiple strategies EQT pursues in Europe and North America that will be rolled out in Asia following the completion of the firm’s merger with Baring Private Equity Asia (BPEA).
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Fund focus: Dymon Asia completes quickfire fundraise
Careful – and protracted – cultivation of prospective LPs and relatively strong performance for Southeast Asia helped Dymon Asia Private Equity secure USD 650m for its third fund
Dymon Asia closes Fund III at $650m hard cap
Dymon Asia Private Equity (DAPE) has closed its third Southeast Asia middle market private equity fund at a hard cap of USD 650m, beating a target of USD 550m.
GP profile: ShawKwei & Partners
Helping Asian manufacturers climb the product value chain and lock in multinational customers is a key part of the ShawKwei & Partners thesis. It sees no reason to change, even amid sector volatility
Japan’s D Capital hits third close on debut fund
D Capital, a recently established Japanese middle-market private equity firm, has achieved a third close of JPY 27bn (USD 186.4m) on its debut fund. The target is JPY 30bn.
Fund focus: Tower goes large with debut fund
Tower Capital Asia is repositioning itself as a large, globally connected PE firm as it transitions from deal-by-deal investing to a fund structure. Deep roots in Singapore remain the nucleus of the strategy
Tower Capital closes maiden SE Asia PE fund on $379m
Singapore’s Tower Capital Asia, which has historically invested on a deal-by-deal basis, has closed its debut blind pool private equity fund for Southeast Asia on USD 379m.
Fund focus: Glenwood gains traction with carve-out thesis
Korea-focused Glenwood Private Equity has closed its second fund on KRW 900m (USD 648m) from local LPs, having established itself as a mid-market corporate divestment specialist
Fund focus: Baring restocks its dry powder
Baring Private Equity Asia claims a pipeline full of USD 1bn-plus investment opportunities to meet the needs of an USD 11bn-plus fund – but for now it is being cautious about pursuing them
Deal focus: Anchorage exits rail player, launches Fund IV
Australia-based Anchorage Capital Partners has extended a string of exits with the sale of a local rail industry player, while going to market seeking AUD 500m (USD 339m) for its fourth fund
Baring Asia hits final close on eighth pan-regional fund
Baring Private Equity Asia (BPEA), which agreed to merge with EQT earlier this year, has closed its eighth pan-regional fund with commitments of USD 11.2bn.
ADB makes LP commitment to KV Asia's second fund
Asian Development Bank (ADB) has confirmed an investment of USD 15m in the second Southeast Asia lower middle market private equity fund from KV Asia Capital.
Japan’s D Capital nears target for debut PE fund
Japan’s D Capital, a private equity firm specialising in digital transformation that spun out from Unison Capital last year, has raised JPY 26bn (USD 188m) for its debut fund against a target of JPY 30bn.
Japan middle market: Crowded field
The expansion of Japan’s middle-market private equity scene has not kept pace with the rise in global investor interest. Spiking competition is inducing GP formation, but impediments are myriad
Bain targets $5b for fifth Asia fund
Bain Capital has launched its fifth Asia-focused private equity fund with a target of USD 5bn. It comes a couple of months after the firm closed its latest regional special situations vehicle on USD 2bn.
Fund focus: Re-ups underpin FountainVest's Fund IV close
Despite headwinds that have afflicted all China-focused managers, FountainVest Partners closed its fourth fund just above target on USD 2.9bn. One-third of the corpus has already been deployed
