Affirma hits first close on renminbi fund
Emerging markets-focused private equity firm Affirma Capital has reached a first close of approximately CNY 1.5bn (USD 215m) on its debut renminbi-denominated fund.
The overall target is CNY 2bn (USD 290m). According to a source close to the situation, the GP is three-quarters of the way there, having launched the process at the end of last year. Affirma said in a statement that LPs include corporates, government investment platforms, and fund-of-funds.
The fund – registered with the Asset Management Association of China (AMAC) under a local entity called Shanghai YaFu – will focus on high-growth opportunities involving proven business models in areas like logistics, enterprise services, advanced manufacturing, and new energy applications.
It will also work with Affirma’s global teams to explore cross-border investment opportunities that take in geographies such as Southeast Asia.
Affirma was formed in 2018 when Intermediate Capital Group (ICG) supported a spinout of Standard Chartered Private Equity. The firm has approximately USD 3.1bn in assets under management, most of which were moved off Standard Chartered’s balance sheet through several secondary transactions completed prior to the spinout.
Affirma has a history of raising funds for specific markets that operate alongside its pan-emerging markets operation. For example, there have been five Korean funds, the most recent of which closed last year with commitments of KRW 543bn (USD 473m).
The China team is based in Shanghai. Affirma has additional offices in Singapore, Johannesburg, Dubai, Mumbai, and Seoul. It has backed more than 100 companies in emerging markets over the past 20 years, deploying more than USD 6.5bn.
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