Advent’s Asian affiliate SEAVI Advent Private Equity held a $125m first close for its sixth fund, which is expected to reach its $200m hard cap before the end of the year.
SEAVI partners committed $10m to the fund, which was also backed by high net-worth individuals, corporate institutions and family offices. The vehicle follows the $178m SEAVI Advent Equity V fund raised in 2008.
The firm expects to raise the rest of the fund from both existing and new investors based in Singapore, Hong Kong, Taiwan, the Netherlands, Switzerland, Germany and the UK.
SEAVI Fund VI will focus on private equity investments in China, Singapore, Indonesia and Malaysia. It will invest in 10 to 12 profitable later-stage companies in the environmental engineering, industrial, healthcare, business services and consumer-related businesses sectors.
SEAVI Advent managing partner Tan Keng Boon said, “We are encouraged by the strong support received from investors, given the challenging fundraising environment.
“Other than for one bank-related investor which had decided to exit all its private equity as a policy, all our present limited partners from Asia have recommitted into this fund, with half of them increasing their investment amounts.
“We believe our geographical area of focus will continue to offer compelling investment opportunities given the high growth, entrepreneurial environment and SEAVI Advent’s proven track record in creating value both for our investees as well as for our limited partners.”
The firm has invested more than $500m into more than 110 Asian businesses including 42 portfolio companies listed and existed via IPOs.
Last month SEAVI backed a $17m round for Indionesian container depot operator Multicon Indrajaya Terminal.
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