Asia-focused private equity firm Affinity Equity Partners has powered its way to a $2.5bn second close despite a tricky fundraising environment in the regional market.
The firm has added $1bn of commitments since March according to AVCJ, and is now turning its eye to the $3.5bn fund hard cap having spent nine months on the road.
Affinity’s latest fundraise now looks set to beat the $2.8bn it collected for its third vehicle in 2007, and will far exceed the $700m raised for its second fund in 2004.
Affinity received a $300m commitment from US pension giant the Washington State Investment Board, AltAssets reported in February.
That figure is three times the $100m WSIB committed Affinity Asia Pacific Fund III, which had an IRR of 16.54 per cent and 1.5 times cash multiple at the start of the year according to the LP’s data.
MVision has been hired as a placement agent for the fund according to Reuters.
Affinity 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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