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Affinity Equity Partners raises $3.8bn for fourth Asia Pacific buyout vehicle

22 Jan 2014

Asia-Pacific-focused buyout firm Affinity Equity Partners has raised $3.8bn for its fourth fund, the Wall Street Journal has reported.

The firm exceeded its $3.5bn hard cap, spending 16 months on the road. It previously held a $2.5bn second closing in July last year.

Some 60 per cent of its LPs re-upped into the new vehicle, the report said. LPs include the Washington State Investment Board, New Mexico State Investment Council, Montana Board of Investments, Adams Street Partners, Allianz Private Equity Partners and Pantheon.

MVision was named in September 2012 as the placement agent for the fund.

Affinity’s first fund scored an IRR of 23 per cent, with Fund II hitting 39 per cent, and Fund III for 20 per cent, WSJ said.

Last year KKR raised $6bn for its second pan-Asia fund, still the largest vehicle targeting the region.

Affinity spun out of UBS Capital Asia Pacific, the private equity arm of UBS, in March 2004. To date, the firm has completed transactions in nine countries across the region with transaction value worth close to $12bn.

Affinity recently agreed an exit for its investment in South Korean Oriental Brewery to Anheuser-Busch InBev in a $5.8bn deal. KKR originally paid $1.8bn for the company in 2009, later selling a 50 per cent stake to Affinity.

The firm has already begun investing from its latest fund, investing in Chinese milk producer Sunlon in November 2013.

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