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CVC holds $3.5bn final close for fourth Asia Pacific fund after less than a year

19 May 2014

Asia PacificEuropean private equity firm CVC Capital Partners has hit its target for its fourth Asia Pacific fund by holding a $3.5bn final close.

CVC has been in the market with the vehicle for just under a year, and said it had seen strong demand for the vehicle due to its performance and investment strategy in Asia.

The fund will be tapped to invest in businesses benefiting from increased consumer affluence and domestic demand in Greater China, South East Asia, Japan and Korea, the firm said.

CVC has now raised more than $10bn targeting the region across four vehicles, and has completed 46 deals to date.

Steve Koltes, co-chairman of CVC, said, “Having launched less than a year ago, we are very pleased to have exceeded our target and reached our hard cap so quickly.

“We are gratified by the strong show of support from many longstanding investors and by the quality and reputation of the institutions investing in our Asian private equity platform for the first time.”

CVC managing partner Roy Kuan added, “CVC’s ability to bring global industry expertise, strategic advice and management along with capital has provided us with a competitive edge in Asia.

“We’re entering an exciting new phase with our fourth Asia fund, and are well positioned to react to the changing landscape in Asia.

“Whether that is the nascent buyout market in China, or the shifting demographics across the region, CVC has the local teams, local relationships and extensive global network needed to benefit from the excellent opportunities across our core markets.”

Last summer CVC closed its latest flagship private equity vehicle on its €10.5bn hard cap after only six months on the road.

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