Preqin’s data shows there are 93 private equity firms headquartered in Hong Kong. These firms have raised approximately USD 34.9 billion through private equity funds over the last 10 years and currently have an estimated USD 16.2 billion in dry powder.
The five largest Hong Kong-based firms in terms of funds raised over the last 10 years are Baring Private Equity Asia, Affinity Equity Partners, BOCI Private Equity, Unitas Capital and Headland Capital Partners. These firms collectively raised USD 16.9 billion and have an estimated USD 6.8 billion in dry powder.
The largest firm, Baring Private Equity Asia, runs a pan-Asian investment program, specializing in mid-market companies requiring capital for expansion, recapitalization or acquisitions. The firm has been investing in Asia since its formation in 1997 and was previously part of Dutch Insurer ING but subsequently became independent through a management-led buyout in 2000. It is currently 100% owned by its partners.
The firm has raised over USD 4.7 billion over the last 10 years, successfully closing its latest vehicle, Baring Asia Private Equity Fund V, in February 2011. The Asia-focused fund, which had a target size of USD 2 billion, managed to raise almost USD 2.5 billion by its final close.