Fundraising
Tougher this time
A number of PE executives - old enough to have seen several cycles – have commented on how difficult the fundraising environment is at present. “I thought my last fundraising [in 2004] was very difficult. Now that I am raising my current fund, the...
Affinity reaches $1.5b first close on Fund IV
Affinity Equity Partners has reached a first close of $1.5 billion on its fourth fund, having spent only about five months in the market. The vehicle has a hard cap of $3.5 billion.
Texas County & District, Oregon commit to CDH Fund V
CDH has secured commitments for its fifth fund from both Texas County & District Retirement System (TCDRS) and Oregon Investment Council. The US pension funds have agreed to invest $50 million and $75 million, respectively, in the vehicle, which launched...
Mitsubishi unit seeks $750m for shipping PE fund
MC Asset Management Holdings, a unit of Japanese conglomerate Mitsubishi, is seeking to raise a $750 million fund that will take advantage of depressed prices in the shipping industry.
New York State Common backs RRJ Capital
New York State Common Retirement Fund (NYSCRF) has committed $300 million to RRJ Capital, the Hong Kong-based GP set up by Richard Ong, formerly of Goldman Sachs and Hopu Investment Management.
Avendus launches third India PIPE fund
Avendus Private Equity has launched its third PIPE fund. India Opportunities Fund III is targeting INR5 billion ($91 million) and will focus on investments in high quality mid-cap companies.
KKR’s Asia fund ‘practically closed’ – Kravis
KKR’s second Asia fund is “practically closed” having exceeded its $6 billion cap, according to Henry Kravis, co-chairman of the private equity firm. This confirms earlier reports that the fund – the largest vehicle ever raised in the region,...
NZVIF receives $49m underwrite for new fund investments
New Zealand Venture Investment Fund (NZVIF), a venture capital fund-of-funds, will receive a NZ$60 million ($49 million) underwrite facility from the New Zealand government.
OrbiMed launches Asia healthcare fund
Healthcare-focused PE firm OrbiMed Advisors will launch its second Asian healthcare fund towards the end of 2013, with a target of $500 million.
Washington State to invest $300m in Affinity Fund IV
Affinity Equity Partners has secured a $300 million commitment for its fourth pan-Asia fund from Washington State Investment Board. It is three times the size of the US pension system’s investment in the GP’s previous vehicle.
Carlyle upbeat on Japan, expects to launch new fund in 2013
The Carlyle Group says it has already begun preliminary talks with investors for a third Japan fund, and remains upbeat about opportunities in the country's buyout space.
China Resources Capital, APG launch $265m car park fund
China Resources Capital (CR Capital), the financial services arm of state-owned China Resources Group, and Dutch pension fund asset manager APG have established a $265 million car park fund.
ADV seeks $500m for Asia special situations fund
ADV Partners, a PE firm set up by former executives from Mount Kellett Capital, is targeting $500 million for its debut Asia-focused special situations fund. The hard cap is $750 million.
Australian GPs see strong investment climate, challenges for exits
Australia’s private equity investment environment is at its strongest in five years but this is tempered by managers facing more challenges selling portfolio companies, according to Anthony Kerwick, managing director at Pacific Equity Partners (PEP).
Investors flock to CRC’s debut RMB fund
Renminbi fundraising weakened considerably over the course of 2012. Preliminary AVCJ figures showing that barely 20 vehicles attracted a total of $4.2 billion in the second half of the year, less than one third the amount raised in the previous six months.
LGT closes third global secondaries fund at $2b
LGT Capital Partners has reached a final close on its third global secondaries fund, Crown Global Secondaries III (CGS III), at $2 billion.
Virginia pension fund backs Fortress’ Japan distress vehicle
Virginia Retirement System (VRS) has committed to $50 million to Fortress Investment Group’s Japan Opportunity Fund II, a distress-focused vehicle that closed last December at its hard cap of JPY130 billion ($1.65 billion).
Four in five Asian investors plan real estate fund commitments - survey
Four in five Asian-based investors are expected to invest in private real estate funds in 2013 compared to around 48% and 39% of investors based in North America and Europe respectively, according to new report.
SEBI approves first Indian social venture fund
The Incube Connect Fund has become the first social venture fund to be approved under the Securities and Exchange Board of India’s (SEBI) new registration regulations.
Deutsche Bank raises $614m for global secondaries fund
Deutsche Bank has reached a final close of $614 million on its second global secondaries fund. The vehicle exceeded its target of $500 million, with commitments coming from insurance companies, public and corporate pension plans and family offices.
China Resources Capital raises $153m for debut RMB fund
China Resources Capital (CRC) has raised RMB956 million ($153 million) for its debut local currency fund. The vehicle has also announced its first deal – a co-investment with mainland property developer China Vanke in a Shanghai residential project.
Lightspeed nets $168m for China fund
Lightspeed Venture Partners' China fund has been more than seven years in the making, having been under consideration ever since the GP included an international allocation – Asia and Israel, in addition to the US – in its seventh global vehicle....
Emerging markets share of PE fundraising reaches record high - EMPEA
Emerging markets-focused private equity funds received their largest ever share of global commitments to the asset class last year, according to the Emerging Markets Private Equity Association (EMPEA).
IDG Ventures targets $175m for second India fund
IDG Ventures India is targeting $175 million for its second India-focused fund. The predecessor vehicle raised $150 million in 2007.