Axiom raises $1b for third Asia fund-of-funds
Singapore-headquartered independent fund-of-funds manager Axiom Asia Private Capital has reportedly raised more than $1 billion for its third fund.
Two sources told Reuters of the amount the vehicle had raised, which is more than the $950 million Axiom amassed for its second fund in 2010 and over double the size of its 2007 debut fund, the $440 million Axiom Asia Private Capital Fund I.
Several of Axiom's investment principals are former colleagues from sovereign wealth fund GIC Special Investments in Singapore, who established the firm in 2007.
Last year, Axiom was part of a consortium that backed NewQuest Capital Partners in launching a new fund to manage the assets of Bank of America Merrill Lynch's non-real estate private equity portfolio in Asia.
It also became an LP of Chinese venture firm IPV Capital's second technology- and cleantech-focused fund in 2011. Other investors in the $125 million vehicle include Tokio Marine and Morgan Creek.
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