Asia fundraising: A box-checking exercise
Was I surprised last week to find out that FountainVest Partners had accumulated more than 80% of the capital targeted for its second China fund after less than five months on the road? Not particularly. In a difficult fundraising environment, this particular GP checks most of the boxes on a prospective investor’s list: a track record of investment and exits, a clear investment thesis, a degree of diversification from the Asia norm, a manageable fund size, not a first-time vehicle.
The last point is significant. FountainVest was always likely to be able to call on the support of the anchor LPs in its first fund, Ontario Teachers' Pension Plan (OTPP), Canada Pension Plan Investment...
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