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Thursday, February 22, 2024

CVC raises $6.8b for sixth Asia fund

Private equity major CVC Capital Partners has closed $6.8 billion for its sixth flagship Asia fund to make control, co-control, and partnership investments in core consumer and services sectors across the region.

The fund most recently received a $125-million commitment from the Teacher Retirement System (TRS) of Texas, DealStreetAsia reported earlier this month. Other limited partners in the fund include the California State Teachers’ Retirement System, Canadian Pension Plan Investment Board (CPPIB) and The Oregon Public Employees Retirement System, according to separate filings.

“The strong growth of CVC’s Asia platform has been underpinned by CVC’s investment in the region over recent years, further improving its extensive regional network, deep local knowledge and sector expertise, and strengthening its investment capabilities across the region,” the firm said in a statement on Wednesday. 

CVC Capital Partners Asia VI is 50% larger than its predecessor, CVC Capital Partners Asia V, which raised $4.5 billion at a hard cap in 2020. The fund is part of CVC’s Asia platform, which has raised over $21 billion of commitments across its Asia-focused funds to date.

The firm, which manages $199 billion in assets, has been active in Asia since 1999 and has since made over 80 acquisitions in the region.

“We have invested significantly in CVC Asia over recent years and are delighted with its excellent progress. CVC Asia is one of the growth engines for our private equity platform, and we look forward to the continued expansion and success of this strategy,” said Rob Lucas, CVC’s managing partner.

CVC in January was reportedly looking to sell a minority position in Asia Commercial Bank (ACB), Vietnam’s fourth biggest non-state-owned commercial lender, according to Reuters. Last year, Nikkei Asia reported that the firm was acquiring Japan’s Sogo Medical Group for around 170 billion yen ($1.2 billion) with capital from its fifth Asia fund.

A number of Asia flagship funds of megafund managers continue to be in the market. DealStreetAsia reported last week that TPG is expecting a final close of its $6-billion flagship Asia buyout fund in the near future, while Carlyle is also pressing ahead with industry headwinds to complete the fundraising effort for its sixth pan-Asia buyout fund. 

KKR said earlier this month that the next fundraising activity for the next vintage of its Asia private equity fund will “likely be a 2025 initiative”, according to KKR’s head of investor relations Craig Larson in its latest earnings call with analysts.

BFIA Admin
BFIA Admin
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