AVCJ

Asia PE fundraising recovers to $9.5b in third quarter

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Asia-focused private equity funds raised $9.5 billion in the third quarter of 2013, up from the multi-year low of $5.2 billion in the previous quarter, according to provisional data from AVCJ Research. A total of 54 vehicles reached a partial or final close during the period.

The number are boosted by KKR Asian Fund II, which announced a final close of $6 billion in July, contributing $3 billion to the quarterly total - adding to the $3 billion first close that came last year. Remove this single vehicle and the regional fundraising picture continues to look challenging.

Investment has also been sluggish, although a number of deals are still pending full confirmation. The number of transactions closed - 412 - is comparable to the previous quarter, but in value terms activity saw a substantial drop, from $18.4 billion to $11.4 billion.

This represents the worst quarterly performance in several years, coming in lower than the fourth quarter of 2012 and first quarter of 2013, when deal-making crept over the $12 billion mark.

Asia exits generated $8.3 billion between July and September, more than three quarters of it coming from trade sales as public markets weakness continued. This represents a slight drop from the $8.5 billion posted for the previous quarter.

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