Asia Alternatives closes $1.8b fund-of-funds

Allocations for the co-mingled fund-of-funds and the separate accounts have not been specified. However, the GP has historically pooled 55-60% of its total raisings into its flagship co-mingled funds with the remainder going into associated products. 

LP support for Asia Alternatives Capital Partners V includes $100 million commitments earlier this year by both Minnesota State Board of Investment and Pennsylvania State Employees’ Retirement System. About 85% of commitments came from existing backers including Cathay Life Insurance, Florida State Board of Administration, the University of Vermont and US-based Jasper Ridge Partners. 

"We've invested with Asia Alternatives since their first fund because of their strong local reputation and their ability to identify and gain access to attractive investments,” George Phipps, managing partner of Jasper Ridge, said in a statement. “Sourcing local investment opportunities in the region requires a diligent partner and Asia Alternatives is one of our most important investment partners for this asset class."

Fund V was launched in May this year with a target of $1.5 billion and a mandate to invest up to 30% in secondaries and direct co-investments. It will seek investments in a range of business development stages via a portfolio of private equity managers spanning China, India, Japan, Korea, Southeast Asia and Australia. Although Asia Alternative has no top-down targets for geographical deployment, it typically focuses strongly on Greater China and North Asia. 

Asia Alternatives closed its fourth fund-of-funds in 2015 at $1.8 billion after 14 months on the market, exceeded a $750 million target. Fund III closed at $1.5 billion after a year and a half on the market in 2012. Funds I and II closed, respectively, at $515 million in 2007 and $950 million in 2008.

The firm currently employs more than 45 professionals across offices in Hong Kong, Beijing, Shanghai and San Francisco.

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• Topics
• Greater China
• Fundraising
• Fund-of-funds
• LPs
• Asia
• Asia Alternatives Management
• LPs
• Separate accounts