{"id":11038,"date":"2023-08-11T09:34:36","date_gmt":"2023-08-11T09:34:36","guid":{"rendered":"https:\/\/isafespend.com\/investing\/private-equity-firm-cvc-bags-4-45-billion-so-far-in-sixth-asia-focused-fund\/"},"modified":"2023-08-11T09:34:36","modified_gmt":"2023-08-11T09:34:36","slug":"private-equity-firm-cvc-bags-4-45-billion-so-far-in-sixth-asia-focused-fund","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=11038","title":{"rendered":"Private equity firm CVC bags $4.45 billion so far in sixth Asia-focused fund"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

By Kane Wu<\/p>\n

HONG KONG (Reuters) – Europe-based private equity firm CVC Capital Partners has raised over $4.45 billion so far for its new Asia-focused fund, its latest regulatory disclosure showed.<\/p>\n

CVC is targeting to raise $6 billion for the fund, its sixth and largest to date for the region, people familiar with the situation told Reuters.<\/p>\n

The firm did not disclose when it will finalize the fundraising in the Tuesday filing to the U.S. Securities and Exchange Commission.<\/p>\n

Investors in CVC’s new Asia investment vehicle include Canadian Pension Plan Investment Board and The Oregon Public Employees Retirement System, separate public disclosures showed.<\/p>\n

A spokesperson for CVC did not immediately respond to a request for comment.<\/p>\n

The fundraising comes amid global macroeconomic and geopolitical headwinds, including the Russia-Ukraine war and rising interest rates.<\/p>\n

It also comes as global investors have been cautious about deploying capital in China due to an economic slowdown, regulatory crackdown and Sino-U.S. tensions – all of which cast a shadow over Asia funds with a heavier allocation to the country.<\/p>\n

U.S. President Biden announced an executive order on Wednesday banning U.S. investments in certain tech sectors in China, in Washington’s latest move to curb China’s technology capabilities.<\/p>\n

Total private equity fundraising in Asia has hit $48 billion so far this year via 176 funds, Preqin data showed, compared with $154 billion raised in all of 2022 via 688 funds. <\/p>\n

CVC has 12 billion euros ($13 billion) of total assets under management in Asia with 29 active investments, its website shows.<\/p>\n

Its portfolio in the region includes clothing brand A Bathing Ape, Indian cricket team Gujarat Titans and funeral services provider Nirvana.<\/p>\n

In March, it bought a minority stake in Indonesian gas company Samator Indo Gas from existing shareholders for $155 million. In December, it sold its minority stake in Indonesia’s Garudafood Putra Putri Jaya to U.S-based Hormel Foods Corp <\/span><\/span> (NYSE:). <\/p>\n

The firm raised $4.5 billion in its previous Asia fund in 2020. <\/p>\n

($1 = 0.9092 euros) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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