CDIB closes debut Asia fund at $405m
CDIB Capital, the private equity arm of Taiwan’s China Development Financial (CDF), has reach a final close of $405 million on its maiden Asian fund.
The fund, CDIB Capital Asia Partners, has received commitments from fund-of-funds, family offices, sovereign wealth funds, insurance companies and corporations. It is managed by Paul Yang, chairman of CDIB Capital and president and CEO of CDF, and Lionel de Saint-Exupery, president and CEO of CDIB Capital.
The fund will continue to execute on the firm's China-plus strategy, which focuses on China-based growth opportunities as well as an Asia and China cross-border strategy, while mitigating risks associated with investing solely in mainland China.
It has already invested in four businesses prior to the final close, CDIB said in a statement. The fund will provide expansion capital and operational expertise to portfolio companies across three core sectors: consumer and retail, advanced manufacturing and business services.
Founded in 2006, CDIB Capital initially managed CDF's proprietary capital. The firm has built a 27-strong team and operates offices in Hong Kong, Shanghai, Taipei, Seoul and San Francisco. In February, it invested a total of $55 million in two Chinese companies - Shane Global and Stonehenge Industrial.
Previously known as CDIB Private Equity, the firm teamed up with China's state-owned Govtor Capital to create a RMB2 billion ($320 million) PE fund in May last year. Prior to that, two parties launched two China-focused vehicles after CDF inked a cooperation pact with Fujian Investment Zonshine Investment Holdings, Fujian Electronics & Information, CPT Technology and Fujian Huaxing Venture Capital.
Eaton Partners served as placement agent for CDIB Capital Asia Partners.
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