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Breakdown of Asia-Focused Private Equity Funds Investing in the ASEAN Region

by Wan Ping Chia

  • 18 May 2012
  • PE

From 2003 to present, 103 Asia-focused private equity funds that invested in the ASEAN region have closed. These funds have garnered an aggregate $20.9bn.

Half of these funds are venture capital vehicles, raising capital worth over $3.4bn, while one-quarter are growth vehicles. These funds, which attracted $7bn in total, have raised the largest amount of capital in the region. While only 15% of the funds are buyout vehicles, such funds gathered $4.3bn from investors. The fourth largest amount of capital was raised by distressed debt funds, with a total value worth $3bn.

Hong Kong-based GPs have raised the greatest amount of capital for Asia funds that include ASEAN in their investment focus and closed between 2003 to present, having attracted an aggregate $6bn. Baring Private Equity Asia, a Hong Kong-based fund manager, has raised $2.5bn and $1.5bn for Baring Asia Private Equity Fund V and Baring Asia Private Equity Fund IV respectively, making both vehicles the second and third largest Asia-focused funds with exposure to ASEAN ever.

US-based fund managers raised the second largest amount in commitment, with a total of $4.9bn. The largest Asia-focused fund that has a focus on ASEAN ever raised was managed by US-based Avenue Capital Group. In 2006, this vehicle garnered commitments worth $3bn for its distressed debt vehicle, Avenue Asia Special Situations Fund IV.

The third largest amount raised for Asia-focused funds investing in ASEAN was gathered by Singapore-based GPs, who have managed to raise an aggregate $2.9bn from 2003 to present. The largest such fund raised was The Asian Entrepreneur Legacy One. The $551mn fund is managed by TAEL Partners and targets growth opportunities in ASEAN, mainly in Indonesia, Malaysia and Thailand.

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