Singapore-based private equity firm KV Asia Capital has held a $263m final close for its debut fund, which will focus on mid-market businesses in South East Asia.
The firm said the fund was backed by a diverse range of LPs including pension funds, endowments, financial institutions, fund of funds and family offices.
KV hit a $100m first close for KV Asia Capital Fund I in November last year according to local media reports at the time and reached its $250m target earlier this month.
KV Asia Capital executive chairman Karam Butalia said, “We are pleased with the positive response to our offering and the recognition we have received.
“We have a high caliber team and are now eager to execute on our commitment to help mid-sized companies grow through operational value add and cross border activity.”
The fund’s placement agent MVision Private Equity Advisers said the fundraising market continued to be challenging and the fundraise showed that “top-tier performers with a proven long-term track record of delivering returns will continue to attract capital from major international investors.”
KV Asia was founded in 2010 by Karam Butalia, who was global head of private equity at Standard Chartered between 2002 and 2008, and his colleague Vibhav Panandiker.
Panandiker was formerly a managing director at JP Morgan Private Capital Asia, and also spent time at Standard Chartered Private Equity.
Butalia hit the headlines in 2008 when he received a £16m pay-off on leaving Standard Chartered, more than four times the pay of his then boss Peter Sands.
Copyright © 2013 AltAssets