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CVC closes fifth Asia fund at $4.5b

Friday, April 3, 2020

(AVCJ by Tim Burroughs) - CVC Capital Partners has closed its fifth Asia fund at the hard cap of $4.5 billion. The firm said the step up from $3.5 billion for Fund IV reflects an expansion in its regional investment capabilities.

The new vehicle, which launched in September 2018 with a target of $4 billion, will continue CVC’s strategy of pursuing control and partnership investments in core consumer and services sectors. The partnership approach is most evident in Southeast Asia, where the private equity firm has completed a string of minority-joint control deals with founders and family groups.

One of the three exits from Fund IV – which closed in May 2014 is now fully invested – fits this profile. CVC took a 30% interest in Indonesian sports retailer MAP Aktif Adiperskasa in 2015 and then reduced its stake last year following the company’s IPO. The other two exits were both in Japan. The GP listed broadband provider Arteria Networks in late 2018, making another partial exit, while cleaning and care services business Hitowa Holdings was sold to Polaris Private Equity.


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