Squadron launches $150m vehicle with Finnish pension fund
Global fund of funds manager Squadron Capital has launched the $150 million Keva Squadron Emerging Asia Fund I, fully funded by Squadron professionals and Finnish pension fund Keva. The vehicle will target SMEs in China, India and Southeast Asia, with investments to be committed over a three-year period.
Member organizations of Helsinki-based Keva include all Finnish cities, municipalities and joint municipal boards. By the end of 2010, Keva claimed more than $38.5 billion of AUM. According to Tapio Olhava, Portfolio Manager at Keva, the pension fund teamed with Squadron following an "extensive due diligence process" that involved discussions with several other FoFs in the region. "We believe the new fund, tailored to our specifications, will enable Keva to leverage Squadron's on-the-ground resources to construct a portfolio of superior private equity investment funds active in the fastest growing parts of Asia," Olhava said in a statement.
"This new program is another example of Squadron Capital's ability to assist large, sophisticated investors as they seek to understand and access opportunities to invest in the region's diverse and dynamic private markets," added David Pierce, Squadron Capital CEO.
According to Keva's website, the fund's current investments are diversified over a range of sectors, currencies and geographic areas, with 17% of its total investments made in Finland. Keva claims that, by March 31 of this year, private equity commitments represent 4.1% of its total investments.
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