LGT raises $1.65b for Asia fund-of-funds

The fundraising process began 15 months ago with a target size for Crown Asia-Pacific Private Equity V (CAPE V) of USD 1bn.

More than 50 institutional investors came in as LPs, including pension funds, insurance companies, university endowments, and foundations from Europe, the US, Canada, Australia and the Middle East.

The fund will follow the same strategy as its predecessor, making primary commitments to funds in Asia as well as pursuing secondary and co-investment opportunities.

CAPE V ranks as one of the largest co-mingled fund-of-funds vehicles raised for deployment in Asia. Earlier this year, Asia Alternatives closed its sixth vintage, comprising a USD 1.1bn co-mingled fund-of-funds and approximately USD 900m spread across several separately managed accounts. Axiom Asia’s sixth fund-of-funds closed on USD 1.8bn in late 2020.

“We have seen strong growth in the private equity asset class in the Asia Pacific region over the past decade, and institutional investors remain focused on building their exposure to the region across vintage years,” Doug Coulter, a Hong Kong-based partner at LGT, said in a statement.

Ivan Vercoutère, a managing partner at the firm, added that LGT’s investments are “benefiting from the continued improvement in household incomes across emerging Asia while also offering investors balanced exposure to the more mature private equity markets in the region.”

LGT has more than USD 85bn in assets under management globally in investment programs spanning private markets, liquid alternatives, and multi-asset class solutions, and works with over 600 institutional clients across 42 countries. The firm is headquartered in Switzerland and maintains Asia offices in Beijing, Hong Kong, Tokyo, and Sydney.

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• Topics
• Fundraising
• Fund-of-funds
• LPs
• Asia
• LGT Capital Partners
• Fundraising