CVC Capital Partners hits $2bn first close for latest Asian fund

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korea dragon stoneLondon-headquartered private equity firm CVC Capital Partners has reportedly held a first close for its fourth Asian fund.

The vehicle has raised $2bn towards its $3.5bn target, said the Financial News, citing people familiar with the matter. CVC Capital Partners Asia Pacific IV follows the firm’s third Asian vehicle, which raised $4.1bn in 2008.

In June this year CVC closed its latest flagship private equity vehicle on its €10.5bn hard cap after only six months on the road.

CVC said 90 per cent of the capital was provided by investors which had previously participated in its funds.

Last week it was reported that CVC was looking to exit Swiss mobile phone company Sunrise, which it bought for €2.4bn in 2010.

CVC was also recently said to be planning to sell off its remaining €600m stake in Belgian postal group BPost following the company’s successful IPO this summer.

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