At present there are 151 private equity fund managers that are based in the ASEAN region of Asia. These fund managers have raised almost $14.5bn from investors over the last 10 years, of which an estimated $4.9bn is still available as dry powder. More than half of ASEAN-based GPs (56%) are headquartered in Singapore, while 21% of the ASEAN GP community is based in Malaysia. Eight percent of the fund managers are based in Vietnam and an equal proportion of fund managers (5%) are located in Indonesia and Thailand. The remaining fund managers are based in Cambodia, Philippines, and Myanmar.
The majority of ASEAN fund managers employ venture capital financing (49%) and growth capital injection (44%) either exclusively, or as a part of their investment strategy. One-quarter of the private equity firms headquartered in ASEAN will seek buyout opportunities when investing in unlisted firms, 12% of ASEAN-based GPs provides mezzanine financing, while 7% are willing to invest in companies caught in distressed or special situations.
The top three ASEAN-based fund managers in terms of total capital raised in the past 10 years are Malaysia’s Navis Capital Partners, Indonesia’s Northstar Pacific, and Vietnam’s VinaCaptial. Collectively, these firms raised $4.8bn in aggregate capital commitments in the past decade, amounting to close to one-third of the capital raised by ASEAN fund managers across the same time period.
Navis Capital Partners has garnered $2.7bn in the last 10 years. The firm makes mid-market buyout investments via its Navis Asia Fund series and provides growth capital to relatively mature companies via Malaysian Growth Opportunity Fund I. Navis Capital Partners predominantly invests within Asia and does not have a specific industry focus.
Northstar Pacific is a buyout-focused firm that invests solely in the Indonesian market. The firm targets opportunities in sectors such as consumer products & services, financial services, retail, and natural resources. Its most recent vehicle, Northstar Equity Partners III, exceeded its fundraising target of $750mn, closing on $820mn in 2011.
VinaCapital is currently on the road with Vietnam Opportunity Fund II, targeting $250mn in aggregate capital commitments. The firm predominantly makes growth and venture capital investments and targets domestic companies, but may also invest in companies based in other Asian markets such as China, Laos, and China. It invests across various sectors, including consumer products, banking, energy, property development, construction, healthcare and education.