Navis tops off Fund VII with shariah-compliant vehicle

The Malaysia-headquartered GP reached a first close of $860 million in December 2013 after less than three months in the market. It set an initial target of $1.3 billion - reached within six months - and a hard cap of $1.5 billion.

The shariah-compliant vehicle took longer to close because the investors have particularly stringent due diligence requirements.

Investments are already being made from Fund VII. While it remains focused on mid-market buyouts, the geographical remit is narrower - still predominately Southeast Asia but, unlike the previous fund, not India. Navis raised $1.2 billion for its sixth fund in 2010 and $1 billion for Fund V three years before that.

Since 2000, Navis has made more than 60 investments, of which nearly 20 have been follow-on acquisitions. As of the second quarter of 2014, the private equity firm's Asia funds had generated a gross IRR of 27% and a money multiple of 2.5x on realized investments.

Navis' recent investments include leading a consortium that acquired Singapore-based electronic circuits manufacturer MFS Technology and Australian educational supplies business Modern Star. There have also been exits from Trio Engineered Products and recruitment agency Peoplebank, both via trade sales.

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• Topics
• Fundraising
• Southeast Asia
• Buyout
• Navis Management
• Fundraising
• Southeast Asia
• Asia