Caldera seeks $200m for Southeast Asia fund
Caldera Pacific, a Southeast Asia-focused private equity firm that has spent the past four years working on a deal-by-deal basis, is looking to raise $200 million for its debut fund.
The GP was established by Raphael Gaglio, formerly of Apollo Global Management and Silverhorn Investment, a Hong Kong-based boutique investment firm. Having set up Silverhorn in 2010, Gaglio led a spin-out of the PE operation in 2014 and this formed the basis of Caldera, according to a source close to the firm. Sascha Wagner, who previously spent seven years with Partners Group, most of them in Singapore, joined as a partner in 2015.
Caldera has assembled a team of nine people across offices in Hong Kong, Singapore, and Seoul. It invests in Vietnam, Malaysia, and Singapore, as well as selectively in the Philippines. The sector focus is consumer but defined deliberately broadly: any industry driven by the region's emerging consumer class is considered, including healthcare, financial services, logistics, education, and technology. Ticket sizes are in the $5-20 million range.
Vietnam is of notable interest to Caldera, not least because of the team's connections in Seoul and the strong desire of Korean investors to gain exposure to the country. Samsung is the most visible presence, having invested more than $17 billion in factories and R&D centers in Vietnam, but strategic interest is wide-ranging. Korea accounted for nearly one-quarter of foreign direct investment in Vietnam last year.
Caldera's largest existing investment is in the holding company of Vietnam-based asset manager Dragon Capital. Having initially secured a minority interest, Caldera reportedly increased its holding last year by acquiring a stake in the GP from an existing shareholder. Caldera now holds a 40% position, while Samsung Securities, its partner in the transaction, has 10%.
The team has made six other investments in earlier-stage companies throughout the region. They include Leflair, a Vietnamese e-commerce platform that positions itself as an online premium brand outlet, working directly with international brands to bring products to local audiences.
After receiving seed funding from the likes of 500 Startups in May 2016, a matter of months after it was founded, Leflair secured a $1 million pre-Series A led by Caldera in early 2017. Europe-based AME Ventures and Korea's Nextrans also took part. Capital Management Group came in with a Series A of $3 million this year.
An assortment of other Southeast Asia managers is currently in the market, although they vary markedly by remit and the geographies in which they operate. Novo Tellus Capital Partners and Archipelago Capital Partners are among the closest in size in Caldera, having set targets of $150 million for their second and debut funds, respectively.
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