Investcorp achieves $275m first close for Asia food fund

The vehicle launched last November with a target of $500 million. Investcorp has not disclosed LPs but the firm works primarily with clients situated in Gulf countries within the Middle East.

Fung Strategic Holdings is associated with the private investment arm of Victor and William Fung, the siblings that run Hong Kong-listed retail supply chain manager Li & Fung. The company is currently the subject of a privatization bid supported by the founding family. China Resources is a state-owned entity primarily involved in energy production, retail production, and infrastructure development. Its assets include Snow, China’s leading beer brand.

The fund will focus on growth opportunities in Asia’s highly fragmented food sector. It will invest in the branded condiments, packaged foods and healthy snacks sectors, with China set to be a key geographical focus.

“We believe that investing in growing food brands in the world’s largest consumption market, and in one of the traditionally most defensive sectors, represents an attractive opportunity to enhance value for our stakeholders and communities while fulfilling a very important need in delivering quality, healthy, branded and packaged food products,” said Hazem Ben-Gacem, co-CEO of Investcorp, according to a statement.

Apart from Investcorp, Hosen Capital is in the market for a $750 million fund for its fourth China food and agriculture investment vehicle, which targets the entire food industry supply chain. 

 

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• Topics
• Greater China
• Southeast Asia
• Fundraising
• Growth
• Investcorp
• China
• Fung Strategic Holdings
• Food