Asia Alternatives, which claims to be the largest independent, private equity fund of funds manager active in the region, has completed the final close of Asia Alternatives Capital Partner
Asia Alternatives, which claims to be the largest independent, private equity fund of funds manager active in the region, has completed the final close of Asia Alternatives Capital Partners with USD515m of committed capital, having seen its original target of USD350m significantly oversubscribed.
Founded Hong Kong last year by Melissa Ma, Laure Wang and Rebecca Xu, Asia Alternatives has 10 investment professionals in Hong Kong, Beijing and San Francisco and tracks more than 450 Asia-focused private equity managers.
CP Eaton Partners acted as exclusive placement agent for Asia Alternatives, which obtained commitments from state and corporate pension funds, foundations, university endowments, insurance companies and family offices in the US, Canada, Europe, and Asia. Pillsbury Winthrop Shaw Pittman served as legal counsel.
Investors include the California Institute of Technology, CalPERS, Comprehensive Financial Management, Mass Mutual Asia, Mass Mutual Japan, Massachusetts Mutual Life Insurance, OHIM Asia Investors, Ontario Municipal Employees Retirement System, Pennsylvania State Employees’ Retirement System, and F. Warren Hellman, founder of private equity firm Hellman & Friedman.
The fund seeks to build a diversified portfolio with an emphasis on top-performing local Asian fund managers. Its primary geographic focus will include greater China (mainland China, Taiwan, and Hong Kong), Japan, Korea and India, while south-east Asia, Australia and New Zealand will also be considered on an opportunistic basis.
Asia Alternatives Capital Partners is currently invested with 10 funds that has investments across 12 Asian countries, and is diversified across buyout, growth and expansion, venture capital, and special situations funds.
Says Asia Alternatives managing director Ma: ‘We see a tremendous number of opportunities in the Asian private equity space and are excited to invest in such an active and evolving market. With a combined over 25 years of investment experience in Asia, our team has the local presence and knowledge to identify attractive investment opportunities for our investors effectively and efficiently.’
CalPERS’ Joncarlo Mark says: ‘As a result of their direct experience working in Asia as well as their deep industry relationships and expertise, the principals of Asia Alternatives are very in tune with the local markets and provide CalPERS with additional insight into the ever-changing investment landscape in the region.’
Oak Hill Investment Management’s Richard Hayes adds: ‘The three founding partners not only have extensive experience in Asia private equity, but their strong local reputations in this market enhance their ability to identify and gain access to attractive investments, thereby creating value for their partners.’
Another limited partner, venture capitalist Arthur Rock, notes: ‘Asia Alternatives brings a unique perspective to manager selection, deep regional knowledge and investment acumen at a time when picking the right managers in Asia has never been more important to ensuring investment success.’