![Private equity firm CVC bags $4.45 billion so far in sixth Asia-focused fund](https://i-invdn-com.investing.com/news/LYNXNPEBAG0BO_L.jpg)
By Kane Wu
HONG KONG (Reuters) – Europe-based non-public fairness agency CVC Capital Companions has raised over $4.45 billion to this point for its new Asia-focused fund, its newest regulatory disclosure confirmed.
CVC is concentrating on to lift $6 billion for the fund, its sixth and largest to this point for the area, folks acquainted with the scenario instructed Reuters.
The agency didn’t disclose when it’ll finalize the fundraising within the Tuesday submitting to the U.S. Securities and Change Fee.
Buyers in CVC’s new Asia funding car embody Canadian Pension Plan Funding Board and The Oregon Public Workers Retirement System, separate public disclosures confirmed.
A spokesperson for CVC didn’t instantly reply to a request for remark.
The fundraising comes amid international macroeconomic and geopolitical headwinds, together with the Russia-Ukraine warfare and rising rates of interest.
It additionally comes as international traders have been cautious about deploying capital in China attributable to an financial slowdown, regulatory crackdown and Sino-U.S. tensions – all of which solid a shadow over Asia funds with a heavier allocation to the nation.
U.S. President Biden introduced an government order on Wednesday banning U.S. investments in sure tech sectors in China, in Washington’s newest transfer to curb China’s know-how capabilities.
Complete non-public fairness fundraising in Asia has hit $48 billion to this point this 12 months by way of 176 funds, Preqin information confirmed, in contrast with $154 billion raised in all of 2022 by way of 688 funds.
CVC has 12 billion euros ($13 billion) of whole property underneath administration in Asia with 29 energetic investments, its web site exhibits.
Its portfolio within the area contains clothes model A Bathing Ape, Indian cricket staff Gujarat Titans and funeral companies supplier Nirvana.
In March, it purchased a minority stake in Indonesian gasoline firm Samator Indo Fuel from current shareholders for $155 million. In December, it offered its minority stake in Indonesia’s Garudafood Putra Putri Jaya to U.S-based Hormel Meals Corp (NYSE:).
The agency raised $4.5 billion in its earlier Asia fund in 2020.
($1 = 0.9092 euros)