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PSERS backs Orchid’s latest fund with $75m commitment

19 Jun 2014

shanguaThe Pennsylvania Public School Employees’ Retirement System (PSERS) has agreed to commit up to $75m to Orchid Asia Group’s latest fund, which is targeting $750m.

Orchid Asia VI will make investments of between $5m and $50m in mid-market businesses based in China, according to documents published by PSERS.

It will focus on the consumer services and products, healthcare, high-tech and outsourced manufacturers and services sectors based in Greater China with up to 25 per cent expected to be invested in other markets.

Orchid expects to hold the first and only close for the fund in July this year.

PSERS committed $40m to the firm’s fifth fund, which was closed on $650m in July 2011.

Orchid’s funds have generated a cash multiple of 1.8 times and a net IRR of 17.4 per cent.

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