Asian private equity fund-of-funds manager Asia Alternatives has reached a final close of over US$1.8 billion for its fifth fund, Asia Alternatives Capital Partners V, LP, and several other vehicles. The new funds will focus on building a diversified Asian private equity portfolio with an emphasis on top-performing local Asian fund managers, the firm said today in an announcement.
Asia Alternatives Capital Partners V, along with its parallel fund Asia Alternatives Capital Partners V (ERISA), LP, closed on US$1.515 billion in committed capital, exceeding their combined target of US$1.3 billion. Approximately 85% of committed capital came from existing limited partners.
“We are honored that a vast majority of our limited partners have continued to invest with us and support the firm over the last decade,” said Melissa Ma, co-founder and managing director of Asia Alternatives. “In the 12th year since our founding, Asia Alternatives is proud of the strong partnerships we have formed with both our investors across the world and with our fund managers across China, India, Japan, Korea, South East Asia and Australia.”
Investors in the newly closed funds include state and corporate pension funds, foundations, university endowments, insurance companies and family offices in the United States, Canada, Europe, Latin America, Japan and Asia. Institutional investors across the funds include The Boeing Company, Cathay Life Insurance Co., Comprehensive Financial Management, Florida State Board of Administration, Intermountain Healthcare, Jasper Ridge Partners.
“Asian private equity opportunities represent an increasingly attractive way that investors can achieve return and portfolio diversification. Our local knowledge and on-the-ground presence in Asia allows us to capitalize on the continuously evolving Asia private equity ecosystem in order to maximize risk-adjusted returns for our investors,” said Rebecca Xu, co-founder and managing director of Asia Alternatives.
Asia Alternatives closed its fourth fund and related fund vehicles with over US$1.8 billion in 2015.