L Catterton targets $1.25b for third Asia fund
L Catterton Asia – the regional arm of L Capital, which merged with US-based Catterton last year – is looking to raise $1.25 billion for its third fund.
The target was disclosed in a regulatory filing dated June 5. AVCJ understands the marketing process is well underway, with the GP telling LPs that it hopes for a first close a couple of months.
The firm reached the institutional hard cap of $950 million for its second fund in August 2013, after six months in the market. A feeder fund established by J.P. Morgan’s private banking business is said to have accounted for about half of the total. The final close of $1 billion, including the GP commitment, came a couple of months later.
Sponsored by luxury goods giant LVMH, L Capital Asia was established in 2009 – eight years after the European franchise – with a brief to invest in aspirational, affordable and alternative mid-market brands. Its debut fund closed at $637 million in 2010 and deployed $911 million in total capital, including co-investment. The amount of co-investment alongside Fund II stands at $707 million.
The Fund II portfolio features companies such as restaurant chain Crystal Jade, Korean record label and talent manager YG Entertainment, beauty brands Dr Wu, Marubi and Clio Cosmetics, Australian swimwear brand Seafolly, and Chinese shopping mall operator Sasseur.
In early 2016, it was announced that L Capital’s existing private equity and real estate operations in Europe and Asia would merge with Catterton's North American and Latin American business. The partners of the newly created L Catterton own 60% of the business, with LVMH and Groupe Arnault – the family holding company of Bernard Arnault – jointly owning the remaining 40%.
L Catterton claims to be the largest global consumer-focused investment firm, with six fund strategies focusing on consumer buyout and growth investments across North America, Europe, Asia and Latin America, in addition to prime commercial real estate globally. Each fund continues to be managed by its own dedicated team. Total equity capital under management totals more than $14 billion.
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