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Fuelled by funding from sovereign investors, Asian venture capital funding rounds worth $100 million or more reached a total of $20.7 billion by April 21.
The firm will raise some $1 billion in about two to three years to invest in China, India, Latin America and other emerging and frontier markets.
Asian sovereign wealth funds (SWFs) were once again the most active, with GIC chalking up 14 deals
On the fundraising side, emerging Asia led the pack with $61 billion raised. Of this, $9 billion went into just one fund – KKR Asian Fund III, setting a record for the region.
Abu Dhabi Investment Authority (ADIA), Singapore’s GIC and the Kuwait Investment Authority were among the most active in fast-growing emerging markets such as India last year.
Private equity was becoming a “mainstream” option for sovereign investors, with 61 percent of them holding it in their portfolios.
The number of deals by sovereign investors, which include sovereign wealth funds and state pension funds, fell to 183 in 2017 from 198 in 2016.
The survey covered 26 funds with an estimated $2.18 trillion in assets under management.
SWFs participated in deals worth just $14.1 billion, down from $28.3 billion in April-June.
Norway’s and NZ Super Fund are among those taking the lead