AVCJ

Affinity launches $3.5b pan-Asia fund - report

  • Susannah Birkwood
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Affinity Equity Partners is reportedly looking to raise up to $3.5 million for a new pan-regional vehicle. The firm – which was founded by former UBS Asia chairman KY Tang – has given MVision the mandate as placement agent.

The Asia-focused private equity firm has already begun marketing the fund and has arranged a meeting with LPs for later this month, according to sources cited by Reuters,.

Affinity has not yet responded to AVCJ's requests for comment.

The $3.5 million target fund size represents a 25% increase on the last corpus Affinity raised, in 2008. It is in the range of the pan-Asian vehicles a number of global players are marketing at present, such as US private equity firm The Carlyle Group, which is said to be seeking $3.5 billion for Carlyle Asia Partners IV.

KKR, meanwhile, announced earlier this summer that it had reached the halfway point in fundraising for its second Asia fund - which aims to amass $6 billion - receiving more than $3 billion in commitments. Bain Capital launched its second Asia fund last June, with a target higher than the $1 billion raised for its previous fund, and PAG last year reached a first close of $1.7 billion on its $2.7 billion debut vehicle.

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