In total, 48 private equity funds managed by Asia and Australasia-based fund managers had their final closes in 2011 YTD. These funds, not including funds investing in real assets such as infrastructure and real estate, managed to raise over $16.1bn in aggregate capital commitments.
Nearly half of these funds are managed by China-based fund managers, followed by India-based and Hong Kong-based fund managers. Fund managers operating from China closed 23 funds, raising around $9.2bn in capital, whereas the nine recently closed funds managed by India-based fund managers raised over $1.7bn. The eight funds managed by Hong Kong-based managers raised over $4.1bn.
Of these recently closed funds, 21 are growth funds. These unleveraged funds typically target significant minority positions in profitable investee companies whilst maintaining a similar investment horizon to leveraged buyout deals. Seven of the funds are venture funds and seven funds are early stage funds (including seed and startup stage funds).
The largest fund managed by Asia and Australasia-based fund managers that has closed in 2011 YTD is Baring Asia Private Equity Fund V. The growth fund, which is managed by Hong Kong manager Baring Private Equity Asia, had its final close at just under $2.5bn. This vehicle was followed by two funds managed by China-based funds managers, Yunfeng Fund and CPE China Fund, which closed at over $1.5bn and $990mn respectively.