Japanese banks back CVC’s fourth Asian fund


japanese home_sqCVC Capital Partners has secured commitments from Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Trust Bank for its fourth Asian fund.

JBIC and Sumitomo will invest up to $50m each in the fund, which is targeting $3.5bn, the banks said in statements.

This is JBIC’s first investment in a private equity buyout fund and having the bank onboard as an LP could “raise CVC’s profile in Japan, and potentially help CVC to sell portfolio companies to Japanese investors,” a source with direct knowledge of the firm’s strategy told Reuters.

Last month it was reported that CVC had secured $3bn towards the fund, which held a $2bn closing in December last year.

In June 2013 CVC closed its latest flagship private equity vehicle on its €10.5bn hard capafter only six months on the road.

Copyright © 2014 AltAssets