Dragon Capital plans $250m new fund
Southeast Asian emerging markets-focused Dragon Capital is in the process of raising its newest vehicle, the Indochina Opportunities Fund, which will invest in companies based in Vietnam, Cambodia and Laos.
Dragon Capital's CEO, Dominic Scriven, told Reuters that the fund is planning for a first close of $100-150 million by mid 2012, en route to its target of $250 million. Its LPs include family offices and financial institutions that have a focus on Asia.
The news follows an announcement by Phnom Penh-based Frontier Investment and Development Partners that it would enter into a JV with Dragon Capital to develop the Indochina Opportunities Fund.
Dragon Capital claims $1.2 billion in assets under management as of the end of 2010. In that year, it exited $60 million worth of PE holdings, including its 75% stake in Hanoi's Landmark Apartment (earning an exit multiple of more than 7x), made a partial exit from Vinamilk, with an exit multiple of 5.1x; and a full divestment from VP Bank, generating an IRR of 21% after 14 years invested in the company.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.