Affinity speeds to $1.5bn first close for latest Asia vehicle


news_seasia_lrgAsia-focused private equity firm Affinity Equity Partners has reportedly hit a $1.5bn first close for its fourth fund just five months after it began marketing the vehicle.

The news was reported by AVCJ, which said the previously reported $3.5bn target was in fact the fund’s hard cap.

Affinity has been helped to the close by a $300m commitment from US pension giant the Washington State Investment Board, AltAssets reported last month.

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.

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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