Lombard closes fourth Asia fund at $350m hard cap
Lombard Investments has closed its fourth Asia fund at the hard cap for institutional commitments of $350 million after 18 months in the market. It will make growth-oriented investments in companies formed and operated in Southeast Asia.
LPs include the International Finance Corporation (IFC), which agreed to contribute $25 million. It also backed Lombard's previous Asian fund, a 2007 vintage vehicle that closed at $234 million.
In the last 12 months, the PE firm has realized more than $290 million in total proceeds from two complete and two partial exits from the 10 investments made by Lombard Asia III.
Most recently, Lombard exited Taiwan-based San Shing Fastech, a global auto parts manufacturer specializing in high performance fasteners. It realized approximately $40 million on a $15 million investment made in 2008 for an undisclosed stake, generating a gross return multiple of 2.6x.
Lombard assisted San Shing with technology acquisition and international expansion, including customer development in North America and Brazil.
The PE firm's other exits from Fund III include Robinson Department Store, a mid-market retailer in Thailand. Lombard sold a 10% holding last December for approximately $219 million.
Formed in 1985, Lombard has offices in San Francisco, Bangkok and Hong Kong, and extensive working relationships in Manila, Ho Chi Minh City, Shanghai and Taipei. The firm has made more than 90 controlling and significant minority investments throughout Asia and North America.
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