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Washington State pension makes $300m Affinity Asia IV commitment

27 Feb 2013

dollar 12_sqUS pension heavyweight the Washington State Investment Board has committed $300m to Affinity Equity Partners’ fourth Asian private equity fund.

That figure is three times the $100m it committed to Affinity Asia Pacific Fund III in 2007, which is currently tracking at an IRR of 15.71 per cent and 1.4 times cash multiple.

WSIB agreed the sum at its most recent Private Markets Committee meeting on February 7, during a presentation by the fund’s private equity investment officer Gary Holt and KY Tang and CJ Lee from Affinity.

Hong Kong-based buyout house Affinity is reported to be targeting $3.5bn for Asia Pacific Partners IV, which was launched in September.

MVision has been hired as a placement agent for the fund according to Reuters.

Affinity’s latest Asia-focused fundraise will beat the $2.8bn it collected for its third vehicle in 2007 if it hits target, and will far exceed the $700m raised for its second fund in 2004.

The firm primarily comprises the former investment professionals of UBS Capital Asia Pacific, the private equity arm of UBS.

It was spun out of UBS Capital Asia Pacific in March 2004.

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