Abax raises $235m for Asia special situations fund

The fund closed in December, AVCJ understands. The GP provides structured credit solutions to mid-market companies that are underserved by the conventional banking system. It seeks a combination of capital protection and yield through debt products plus capital appreciation through an equity kicker.

Abax was established in 2007 and is led by Donald Yang, formerly head of Greater China debt capital markets at Merrill Lynch. His co-managing partner is Michael Wang, who previously served as head of McKinsey & Company's Shanghai office.

In 2010, Abax added renminbi-denominated private equity to its existing Asian structured credit offering. China Development Bank, through the Suzhou Industrial Park Venture Capital fund-of-funds, came in as the anchor investor in the renminbi vehicle.

Fundraising by Asia special situation and distress-focused funds reached $3.1 billion last year, compared to $2.2 billion in 2013 and $1.8 billion in 2014. There were final closes for the likes of PAG, which raised $1.37 billion for its second regional special situations fund, ADV Partners, which closed its debut vehicle at $545 million, and Shoreline Capital, which got $500 million for its third China fund.

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• Topics
• Fundraising
• Credit/Special Situations
• GPs
• Greater China
• Abax Global Capital
• GPs
• Fundraising
• Asia
• China
• Distress
• Special Situations