Proventeus targets $150m for Southeast Asia fund

The strategy is sector agnostic, but Proventeus is currently working on deals in healthcare, consumer and manufacturing, a source told AVCJ. The key geographies are Malaysia, Singapore and the Philippines – it has offices in the first two – with Indonesia and Thailand also expected to come under consideration. Check sizes fall in the $10-20 million range. The firm currently has eight investment professionals.

Proventeus is led by Lew Oon Yew, the managing partner, who established the business under Kuwait Finance House in 2006. The GP managed a $200 million portfolio, sourcing capital from institutional investors and family offices in Southeast Asia, the Middle East, Europe, and North America. Ten investments were made between 2008 and 2011. The team spun out in 2012.

Three years ago, Proventeus completed a secondary restructuring of the Fund I portfolio, rolling four assets into a new vehicle backed by Committed Advisors, Sarona Asset Management, several Asian family offices, and the management team. The deal was worth $52 million, including $10 million in leveraged finance.

Proventeus retains management responsibility for Fund I, which now comprises just two holdings, one of which has been partially exited. One of the four assets carried over in the secondary transaction has been sold: the Philippines franchise of casual dining chain Kenny Rogers Roasters was acquired by the company’s founders for PHP1.79 billion ($34 million). Proventeus secured a 5.6x return in peso terms.

Numerous Southeast Asia managers are currently in the market, although they vary markedly by remit and the geographies in which they operate. Other GPs in the $150-200 million space include Novo Tellus Capital Partners, Archipelago Capital Partners, and Caldera Pacific. Archipelago and Caldera are both raising their debut funds – the latter having previously worked on a deal-by-deal basis – while Novo Tellus is raising its second.

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• Topics
• Fundraising
• GPs
• Southeast Asia
• Buyout
• Singapore
• Malaysia
• Philippines
• Proventeus Capital