Indonesia's Falcon House targets $300m for Fund II
Indonesian GP Falcon House Partners is targeting $300 million for its second fund and the International Finance Corporation (IFC) may once again come on board as an LP.
According to an IFC filing, the development finance institution (DFI) is considering an investment of up to $25 million, capped at 20% of the total fund. It made a commitment of the same size to Falcon House Fund I, which closed in October 2013 at $212 million.
DFIs accounted for 30% of Fund I, with Germany's DEG and the Netherland's FMO participating as LPs alongside IFC. The vehicle spent nearly two years in the market but became oversubscribed towards the end of the process and beat its $200 million target.
The first fund focused on middle market investments of $15-25 million and its successor is likely to take a similar approach. The IFC filing identifies the sectors of interest as consumer goods and services; infrastructure support and services; technology, media and telecom; and basic industries.
Falcon House was set up by Glenn Yusuf, who ran the Indonesian Bank Restructuring Agency following the Asian financial crisis; Brian O'Connor, formerly a senior executive at Lehman Brothers; and Samir Soota, previously managing director of South and South East Asia at EMP Global.
They were one of a host of groups looking to raise Indonesia funds around 2011 when private equity interest in the market was at a peak. However, apart from the established GPs such as Northstar Group, Saratoga Capital and Ancora Management, only Falcon House and Capsquare Asia Partners managed to make a breakthrough.
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