Private equity firm ADV Partners has mopped up $597 million for its second pan-Asia vehicle — ADV Opportunities Fund II, according to an SEC filing by the firm last week.
ADV started fundraising for the vehicle in December last year and has not disclosed the target amount it is looking to raise.
Nevertheless, the capital commitment attracted for the second vehicle so far is larger than the private equity firm’s debut fund that had raised $545 million in 2015 and now has a portfolio of investments across India, China and Southeast Asia.
ADV’s first fund was backed by fund-of-funds manager Asia Alternatives Management, large sovereign wealth funds, US-based state pension funds and family offices.
The private equity firm was founded in 2013 by JP Morgan and Goldman Sachs alums Suresh Prabhala, Brad Landes and Jianyi Zhu to pursue privately negotiated, value investment opportunities within the mid-market corporate segment in Asia.
ADV targets investments in its core markets of China, India and Southeast Asia. It has offices in four locations – Hong Kong, Singapore, Shanghai and Mumbai – and local partnerships in Indonesia and other countries.
In April this year, ADV invested $105 million in Indian infrastructure service company Feedback Infra Private Limited, thus becoming a shareholder in the company after acquiring a stake from two existing shareholders L&T Infra Finance and IDFC.
While the firm counts 13 investments from its first fund, it notes on its website that the investments from the second fund include an unnamed India’s infrastructure service provider and a Singapore-headquartered group that manufactures apparel for top European fashion companies.