Asia Alternatives Management LLC, an independent Asian private equity fund-of-funds which has backed a few India-dedicated PE funds, has hit the final close of sixth fund and several other parallel vehicles at $2 billion.
The largest of these funds is Asia Alternatives Capital Partners VI, LP, which received $1.1 billion of committed capital along with its parallel funds, exceeding their combined target of $1 billion, said Asia Alternatives in a statement.
The sixth fund raised almost a similar amount as its predecessor, Asia Alternatives Capital Partners V LP, in 2017. The firm’s previous four funds closed in May 2007, September 2008, July 2012 and September 2017.
Asia Alternatives helps institutional investors make investments in top-performing PE fund managers across Asia, primarily in China, Japan, South Korea, Southeast Asia, India and Australia.
The firm was founded in 2005 by Melissa Ma, Laure Wang and Rebecca Xu and currently has over $16.5 billion of assets under management. It claims to build portfolios that are diversified across buyout, growth and expansion, venture capital and special situations funds, as well as direct co-investments and secondaries.
It has over 50 professionals at offices in Hong Kong, Beijing, Shanghai and San Francisco.
The statement added that over 85% of committed capital came from pre-existing relationships.
Limited Partners (LPs), or investors, in the funds comprise state and corporate pension funds, foundations, university endowments, insurance companies and family offices in the United States, Canada, Europe, Japan and Asia.
Some of its institutional investors include The Boeing Company, Cathay Life Insurance Co., Comprehensive Financial Management and The Dai-ichi Life Insurance Company.
"Our extensive experience investing through market cycles and the lasting relationships we have forged with leading fund managers across Asia provide a unique perspective and the ability to take advantage of the opportunities market volatility has created," said Melissa Ma, Co-Founder and Managing Partner of Asia Alternatives.
Eaton Partners, LLC and Diamond Dragon Advisors Limited acted as placement agents for Asia Alternatives and Ropes & Gray LLP served as legal counsel.