Adveq establishes third Asia office
Adveq has opened an office in Hong Kong, its third in the region. The move comes after the asset manager announced plans in January to increase its investment in China to RMB3.5 billion ($554 million) over the next two years.
The global investor in private equity funds first formally established a presence in Asia back in 2008, with the opening of an office in Beijing. This was followed by a further office in Shanghai in 2011.
The Hong Kong office will be led by senior industry professional David Seex.
"The opening of our Hong Kong office broadens our footprint in the region and demonstrates the importance of Asia to the firm's future plans," commented Adveq CEO Sven Lidén. "The new office will be an important part of our global offering and is evidence of Adveq's continued successful growth."
Adveq is currently raising a third fund in Asia with a target of $300 million, of which 50% will be invested in China. Most attention will be paid to companies likely to benefit from the country's 12th Five-Year Plan, with China's healthcare, logistics, environmental protection and internet development industries seen by the firm as having the most potential.
Adveq expressed optimism for Asian private equity back in 2006, when the firm launched its first Asia-specific fund-of-funds. The $217 million vehicle has invested in venture capital, development capital and buyout opportunities across India, China, Japan and Australia. In 2008, Adveq introduced its second fund-of-funds, which raised $181.3 million.
In 2009, the Swiss manager and Chinese investment company Dalian United signed a letter of intent to form an investment management JV company, the first non-government private equity fund-of-fund in China. They also launched a yuan-denominated fund-of-funds.
Founded in 1997, Adveq currently manages over $4 billion of assets for its clients and it made its first Asian investment in 1998. The firm has reportedly invested more than $400 million into deals in the areas of IT, healthcare, advanced manufacturing and new energy.
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