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L Capital confirms $950m Asian fundraise

19 Aug 2013

dollar4_sqPrivate equity firm L Capital has confirmed a $950m Asian fundraise two months after closing a $1bn vehicle targeting the region.

L Capital Asia 2 Sing has been launched with a $950m target, according to a document filed with the US Securities and Exchange Commission.

The fund, which has a minimum investment requirement of $10m, has yet to secure its first commitment.

UBS Securities, CSP Securities and JP Morgan are acting as placement agents for the fund and are currently owed sales commissions of $18.25m, the filing showed.

In June the firm closed its fifth fund on $1bn, significantly exceeding the size of the $640m fourth vehicle.

The firm will “zoom out of India” in the short term and 45 to 50 per cent of the new fund will be spent on deals in China, L Capital’s Asia managing partner Ravi Thakran told the Wall Street Journal.

He said, “Companies there have easy access to capital markets, they may have revenue of around US$80 million and Ebitda of US$1 million yet they can successfully raise funds through initial public offerings.

“Also, a large pool of capital was raised and dedicated to the nation four to five years ago so there are many participants chasing targets, which drives up valuations.

“We are driven by deal quality so have instead decided to explore deals in Korea, Japan and Taiwan, markets which we had formerly ruled out because of limited growth prospects.”

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