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Mixed fortunes for Actis as it nears $2.8bn final closes for two funds

23 Oct 2013

emerging-eqypt-africa_sqUK emerging markets investor Actis is nearing a final close for about $2.8bn of capital across two vehicles after scaling back fundraising ambitions for its latest global fund.

Actis has gathered about $1.7bn towards its Actis 4 buyout and real estate vehicle according to senior partner Paul Fletcher, who spoke to the FT.

That is well down on the $2.9bn Actis collected for its private equity pools in 2008, and a sharp drop on the $3.5bn it initially hoped to collect across a global fund and separate vehicles for India, Africa and China.

But there was better news for the firm’s latest energy vehicle, which is set to close on $1.1bn next month according to Fletcher.

The firm was initially hoping to gather $750m for the fund, which will target power assets in Latin America, Asia and Africa.

An AltAssets source with knowledge of the fundraises confirmed Actis 4 had more than $1.5bn of capital commitments, while the energy vehicle looked set to close on between $1bn and $1.25bn.

They added that both funds were likely to close in November.

Investors in the global buyout vehicle include the Washington State Investment Board, which committed a sizeable $250m of the total.

Actis, the former development capital arm of the UK government, became fully independent in May 2012 after it bought back its remaining 40 per cent stake in a deal which netted taxpayers more than £60m.

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