Emerald Hill raises $400m for third Asia fund-of-funds

Emerald Hill Capital Partners III is a 2013 vintage fund comprising two vehicles. There are no separate or managed accounts.

The size and structure of the fund is the same as its 2008 vintage predecessor. LPs that disclosed their participation in Fund II include The Rockefeller Foundation and University of Texas Investment Management Company.

Emerald Hill primarily focuses on Greater China, the Indian subcontinent and Southeast Asia, with managers in these regions accounting for more than 90% of committed capital across the three funds.

The nature of the LP base can be linked to the fact that three of Emerald Hill's four partners previously worked for endowments. Managing Partner S. Eugene Choung was director of private equity at the University of Chicago while Michael Smith and Alexander McCloskey were with the University of Pennsylvania and Duke University, respectively.

This has fostered a preference for concentrated portfolios of smaller-sized funds with high growth strategies that offer the potential for higher net cash-on-cash multiples.

Over 90% of Emerald Hill's committed capital has gone to single-country managers. Furthermore, in excess of 75% of commitments have been made to funds under $500 million in size, with over half going to sub-$300 million funds.

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• Topics
• Fundraising
• Fund-of-funds
• Fundraising
• Fund-of-funds
• Endowments
• Emerald Hill Capital Partners