Navis VI nears $1.2 billion close
Leading Kuala Lumpur-headquartered regional investor Navis Capital Partners is approaching a $1.2 billion final close on its latest vehicle, Navis Asia Fund VI.
Originally launched in early 2008 at $1.75 billion, the fund target was later trimmed to $1 billion in December 2008 after the onset of the GFC, but will now close well above its revised objective. Navis VI is also known to have a much lower component of fund-of-funds investors in its capital base, at just over 10%, compared to the $1.05 billion Navis Asia Fund V, which had f-o-fs making up just over one-third of its LP base.
Navis has also recently seen substantial deal flow, including its $50 million commitment to the UK expansion of Thai duck husbandry investee Bangkok Ranch in April, and the sale of Malaysian specialist rubber business Linatex to the UK's Weir Group in June at $172.5 million, for a reputed 50% IRR.
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