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Emerald Hill raises $400m for third Asia fund of funds

8 May 2014

Hong Kong fund of funds Emerald Hill Capital Partners has raised $400m for its latest vehicle, according to AVCJ.

The fundraise was launched last year across two vehicles.  LPs include The Rockefeller Foundation and University of Texas Investment Management Company, while Cygnus Capital Partners was listed as the placement agent.

Emerald Hill was founded in 2005 by former GE Capital managing director David Spencer to capitalise on growing institutional investor interest in Asia.  Previously, Spencer founded and led GE’s Financial Restructuring Group, completing more than $15bn in structured transactions in Thailand, Korea and Taiwan after the Asian financial crisis.

The firm closed its second fund on $300m back in 2010, and was reported to have garnered some $280m towards its latest vehicle in June last year.

It focuses on the Greater China region, the Indian Subcontinent and Southeast Asia, favouring country-specific managers, typically targeting funds of under $500m in size.

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