CVC powers to $4.5bn hard cap in fifth Asia-Pacific private equity fundraise

Asia

CVC Capital Partners has hit the $4.5bn hard cap for the final close of its fifth private equity fund targeting the Asia-Pacific region.

The buyout major breezed past its $4bn target for CVC Capital Partners Asia Pacific V, and easily outdid the $3.5bn it gathered for Asia Pacific Fund IV in 2014.

CVC said the increased fund size reflected the expanded investment capability of its network of eight offices across Asia.

The firm said it would continue to target control and partnership investments in high-quality businesses through the fund, in core consumer and services sectors across Asia.

To date CVC has raised $15bn of commitments across its Asia Pacific funds, and used them to complete more than 65 investments.

Sigit Prasetya, managing partner and head of CVC’s private equity activities in Asia, said: “We would like to welcome our first time investors and thank our returning investors for their continued support of CVC’s Asia Pacific strategy.

“Our investors can be confident that our deep experience of Asia’s markets and broad local office network puts us in a good position to navigate safely through these volatile times, while our strong capital position gives us the ability to take advantage of attractive investment opportunities as they arise.”

Reports last month suggested CVC is aiming to raise up to €20bn for its latest flagship fund, which would be on the largest private equity funds ever raised, as well as the firm’s biggest investment vehicle to date.

CVC Capital Partners Fund VIII could close on between €17bn and €20bn depending on investor appetite, people familiar with the matter told Reuters in March.

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