Shaw Kwei closes fourth Asian fund at $812m
Shaw Kwei & Partners, a middle-market private equity firm that primarily focuses on the industrial, manufacturing and services sectors in Asia, has closed its fourth fund at $812 million.
The vehicle – Asian Value Investment Fund IV – was launched in May of last year with a target of $800 million. It represents a considerable step up in size from Shaw Kwei's previous fund, which closed at $450 million in 2010.
The firm's most recently announced deal came last October, with an agreement to acquire a 75.6% stake in Singapore-listed oil and gas industry equipment supplier Gaylin for S$68 million ($50 million). The company offers marine and offshore heavy lifting and mooring services, with a focus on heavy objects and securing floating structures.
Gaylin is a typical Shaw Kwei target: an asset-based business-to-business services player that is seen as having an attractive franchise value. In addition to oil and gas services, the private equity firm focuses on precision engineering and manufacturing, renewable energy, maritime, medical and automotive. It takes significant ownership stakes in the companies it backs.
Shaw Kwei has three remaining investments in what was always a concentrated Fund III portfolio. In addition to Gaylin, it owns maritime services business Amos International and Beyonics, a precision engineering player formed through a merger with another portfolio company, Chosen. Shaw Kwei completed the sale of YongLe Tape to Avery Dennison in June 2017, securing a 4.8x return.
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