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Orchid Asia closes fifth fund on $650m

12 Jul 2011

Hong Kong-based private equity firm Orchid Asia has closed its fifth China-focused private equity fund on $650m.

The firm kept to its hard cap despite 35 per cent oversubscription, and brings its total assets under management to $1.4bn.

Orchid Asia V was launched in July last year and held a first close on $327m in January. Orchid Asia secured commitments fro ma total of 60 investors consisting of pension funds, Insurance Companies, family offices and fund?of?funds from Europe, the US and Australia.

Orchid Asia marketing director Trevor Chan said, We are appreciative of the trust and confidence that our investors have given us, and as a reflection of our operationally focused private equity with downside risk model in serving China’s growth cap space.”

“China is still on top of many LP’s radar, but it’s still a very tough fund raising market out there. And, the fact that we’re able to close in a year is a testament to the team, prior track records, and our discipline approach. There’s no doubt all LPs are now much more thorough in their time and attention to due diligence than ever – post financial crisis.”

Since Orchid Asia’s inception, the firm has invested in 45 companies and exited or partially exited 22 of them. The firm forecasts another eight to 11 potential IPOs and trade sales in the exit pipeline over the next six to 12 months.

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