Lakeshore seeks $125m for second Thailand fund

IFC said in a disclosure that it had approved a commitment of $20 million to the vehicle. The development finance institution (DFI) pledged a similar amount to Fund I but capped its contribution at no more than 20% of the overall corpus. Lakeshore Capital Fund I closed at $60.7 million in 2015. The GP set out to raise $60 million but subsequently upgraded its target to $100 million.

The new fund will follow the same strategy as its predecessor, focusing on small and medium-sized enterprises (SMEs) in Thailand, typically those in the consumer and light industrial spaces. Lakeshore also considers opportunities in the Greater Mekong sub-region, with scope to deploy up to 20% of its capital in Cambodia, Myanmar, Vietnam, and Laos.

Last October, the firm achieved its second exit from Fund I with the sale of Bangkok area steakhouse chain Santa Fe to Singha Corporation for $50 million, generating a 2.75x return. Having paid $4.5 million for a stake of undisclosed size in early 2015, Lakeshore helped the company expand its footprint from 66 to 116 restaurants. It also supported expansion into Cambodia.

The first exit came when Humanica, a human resources and payroll services provider, went public in 2017. Lakeshore took a 25% interest in Humanica in 2015 for an undisclosed sum. The firm sold its remaining 14% stake in 2018, securing a 13x return.

Other portfolio companies include cosmetics retailer Panpuri, drug manufacturer Devakam Apothecary Hall, skincare specialist Aisance, and digital market services provider ReadyPlanet.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Growth
• Fundraising
• GPs
• LPs
• Thailand
• Lakeshore Capital Partners
• IFC