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HK’s Ion Pacific closes second structured secondaries fund at $133.6m

Tuesday, January 18, 2022


(DealStreetAsia by Kristie Neo) - Hong Kong-based Ion Pacific has closed its second structured secondaries fund at $133.6 million, said the firm in an interview with DealStreetAsia.

The firm had announced the $40 million first close of the fund — Ion Pacific Stonecutter II — in February last year.

Michael Joseph, co-CEO and managing partner at Ion Pacific, said most of the limited partners (LPs) from the $34.5 million Fund 1 participated in the second fund.

Around 75% of the capital from Ion Pacific’s second fund is from the US, Europe, and the Middle East. The rest is mainly from family offices in Singapore and Hong Kong.

Joseph added that the firm has also begun returning capital to its investors.

Ion Pacific Stonecutter I, which fully closed in February 2019, began returning capital that same year, thanks to a healthy pipeline of 10 exits comprising IPOs and trade sales. Fund 1, which has since been fully deployed, currently has a net IRR of over 30%, and over 30% of its funds have already been returned to LPs.

 

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