Asia Alternatives, one of the largest independent Asian private equity fund of funds, has held the final close of over USD1.5bn in new commitments across several fund vehicles.
The largest of the funds is Asia Alternatives Capital Partners III (AACP III), which closed above its target of USD800m, at USD908m of committed capital.
The other fund vehicles totalled approximately USD600m.
AACP III is the successor fund to Asia Alternatives Capital Partners II, which closed in September 2008, and Asia Alternatives Capital Partners, which closed in May 2007.
The funds are focused on building a diversified portfolio with an emphasis on top-performing local Asian fund managers. Asia Alternatives invests in Greater China, Japan, Korea, South East Asia, India and Australia and across buyout, growth, venture capital and special situations funds. The firm has already invested in 36 managers in Asia since inception.
"We are honoured that so many of our initial limited partners have continued to invest with us and support the firm over the last six years," says Melissa Ma (pictured), co-founder and managing director of Asia Alternatives. "The financial crisis and global market uncertainty have made it tougher for investors to decide where best to allocate their money and we could not be more pleased with the overwhelmingly positive response we received."
Approximately 75 per cent of investors in AACP III were investors in AACP I and/or AACP II. Institutional investors include Cathay Life Insurance, the Church Pension, Comprehensive Financial Management, Massachusetts Mutual Life Insurance Company, New Mexico State Investment Council, New York State Common Retirement Fund, OHIM Asia Investors, an affiliate of Oak Hill Investment Management, and Pennsylvania State Employees’ Retirement System.
