Manila-based private equity firm Navegar has held a final close of its second fund at USD197 million, above the fund’s USD150 million target.
The fund will focus on investments in established companies in the consumer and business services sectors in the Philippines.
Monument Group acted as a placement agent and exclusive adviser on the raise. Investors include development finance institutions, sovereign wealth funds, pension funds, endowments, family offices and high net worth individuals in Asia, Europe and the US.
“With Navegar’s seasoned team, track record and unique investment focus on the Philippine market, we saw interest in Fund II from high quality investors globally,” said Niklas Amundsson, a partner at Monument Group.
Fund II closed on 24 June 2020. “The success of this effort is all the more notable given that our final close was held in the midst of the COVID-19 pandemic. We greatly appreciate the confidence and trust of our investors,” said Honorio Poblador, managing partner, Navegar.
The Philippine-focused firm has already completed two investments from its second fund. With the additional capital, Navegar will support businesses to create long-term shareholder value, according to Javier Infante, managing partner at Navegar.
Navegar’s portfolio includes The Bistro Group, Bistronomia, Bo’s Coffee and Cloudstaff. The firm was founded in 2012 and is based in Manila. Together, the firm’s two funds Navegar I and Navegar II have total assets under management of over USD 300 million.
