BPEA EQT hits first close on mid-market fund, seals debut deal
BPEA EQT – which was formed through the merger of Baring Private Equity Asia and EQT – achieved a first close on its pan-regional mid-cap fund at the end of last year and the vehicle recently completed its debut investment in a Malaysia-headquartered software provider.
The first close amounted to approximately USD 400m with commitments coming from LPs that have existing relationships with BPEA EQT, according to a source close to the situation. The overall target is USD 750m and the hard cap has been set at USD 1bn. A second source confirmed the first close. BPEA EQT declined to comment on fundraising.
The debut deal was disclosed by Canada Pension Plan Investment Board (CPPIB), which said it invested USD 40m in Viewpoint Software earlier this year alongside BPEA EQT Mid-Market Growth Fund. It committed USD 100m to the fund in the final three months of 2022.
CPPIB is an LP in BPEA EQT’s eighth flagship pan-Asian fund – which closed on USD 11.2bn in September 2022 – and it has a history of co-investing with the GP. Most recently, it paid USD 180m for a 10% stake in Tricor Group, a business and corporate services provider BPEA EQT agreed to buy from Permira in late 2021 at an enterprise value of USD 2.7bn.
Founded in 1994, Viewpoint describes itself as a leading global entity management specialist. It provides integrated solutions through which users can optimise their data, processes, teams, and client servicing. Services range from entity administration and document management to compliance and risk and business process management.
The company operates in more than 20 jurisdictions globally, including most offshore and international financial centres. Its client base features major corporate services providers such as Intertrust Group, Sovereign Group, Citco, Trident Trust, Tricor, TMF Group, and Vistra Group. BPEA EQT owns Vistra as well as Tricor.
Mid-cap buyout was primed as the first of multiple strategies EQT pursues in Europe and North America to be rolled out in Asia following the merger with BPEA. On closing the eighth flagship fund – which saw a significant step up in size from USD 6.5bn in the previous vintage – Jean Eric Salata, now head of BPEA EQT, expressed an interest in raising a pool of capital for mid-size opportunities.
“The fact we have a certain type of fund size shouldn’t be the determining factor as to where we think the best returns are for our LPs. If we find interesting deals below the cut-off, I want to pursue them,” he said, suggesting there would be a 70-30 split between buyouts and growth capital.
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