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Axiom Asia completes final closing on second fund

Axiom Asia Private Capital Management Services has completed the final closing on its second fund, Axiom Asia Private Capital Fund II.

The fund’s total investor commitments of USD950m represent the maximum amount the fund could raise under agreement with its investors and exceeded the initial target of USD750m.

The fund was oversubscribed, with firm indications of interest exceeding USD1.1bn.

San Francisco-based Probitas Partners acted as principal placement agent for the fund.

Axiom II is the successor fund to Axiom Asia Private Capital Fund I, Axiom Asia’s first fund, which had USD440m of investor commitments and commenced investing in 2006.

The fund will invest in a portfolio of management buyout, venture capital, growth capital and other private equity funds in Greater China, India, Japan, Southeast Asia, Korea and Australia.

The fund will typically target investments of up to USD100m per invested fund and will also target select investments in secondary fund interests and portfolio companies alongside invested funds.

“Our fundraising traction is a reflection of investors’ positive view of the Asian private equity market, Axiom’s team and the performance of Axiom’s first fund. Our experience investing over various cycles like the 1997/98 Asian financial crisis helped us to build up a well-diversified portfolio of differentiated funds, which has stood up well despite the global economic crisis,” says Yewhong Goh, a managing director at Axiom Asia.

“We are delighted by Axiom Asia’s success in raising a second fund, essentially over the period of the global recession,” adds Jack Wills, a principal at Probitas Partners who worked with Axiom Asia on the fundraising. “Axiom Asia is an exceptional organisation with compelling investment expertise in Asia, an area of growing investor interest. We congratulate them on their achievement.”

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