New York-based private equity firm CCMP Capital Advisors, the former buy-out arm of JP Morgan Chase which spun out from the investment banking giant in 2006, is looking to raise $3.5bn for a new fund to be launched next year.
According to Bloomberg, the firm has been looking to expand its base of limited partners through talks with sovereign wealth funds in Asia, Europe, the Middle East and Australia, a couple of which are said to be conducting due diligence on the new vehicle.
The fund is slightly less than its predecessor, the $3.4bn vehicle the firm closed at the peak of the private equity boom in 2006. JP Morgan, which committed just shy of a quarter of the last fund’s total commitments, can not commit directly to the new fund due to the Volcker rule, but may commit through fund of funds and other external asset management channels.
The deal marks the Japanese beverage company’s largest acquisition yet, and reflects a recent trend for Japanese brewers looking to expand in overseas markets given the current strength of the yen.
CCMP Capital Asia and Pacific Equity Partners announced their 50:50 joint acquisition of the company in 2006.
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