Axiom Asia collects $1.4b for fifth fund of funds: Report

Axiom Asia
Axiom Asia's managing partners. From left to right: Edmond Ng, Chris Loh, Alex Sao Wei Lee and Marc Lau

Singapore-based Axiom Asia Private Capital has gathered $1.4 billion for its fifth Asia-focused fund of funds, a vehicle that started raising late last year with a target to mop up over $1 billion.

According to an article from PEI last week, the firm has also raised $210 million for the Asia Co-investment Fund I.

Axiom Asia, a 2006-established independent firm that manages six private equity funds, with total commitments of more than $5 billion, has got the backing from limited partners that include endowments, foundations, family offices, pensions and financial institutions, spanning the globe.

The existing LPs for the firm include Nashville and Davidson County Metropolitan Government Employee Benefit Trust Fund, Montana Board of Investments and the Michigan Department of Treasury’s Bureau of Investments will return to back its latest FoF.

An existing LP, the State of Michigan Retirement Systems, has already disclosed a capital commitment of $50 million to Axiom Asia’s Fund V and another $50 million to its co-investment fund. The Montana Board of Investments also disclosed a $40 million commitment to the fifth fund of funds in August, according to the pension fund’s quarterly meeting minutes.

The firm did not respond to an emailed query on the corpus of Fund V and the expected final close.

For the latest fund, the target markets will be North Asia, China, Southeast Asia, Australasia and the Indian sub-continent.

Fund V’s predecessor, Axiom Asia IV, closed at $1.03 billion last January, exceeding its initial target of $750 million. The independent fund management firm closed its first vehicle in 2007, raising $440 million in commitments while its second fund closed in 2010 at $950 million. Its third fund closed in 2012 at $1.15 billion.

The fifth vehicle is expected to invest in over 20 small and medium-sized general partners (GPs) across buyout, growth capital and venture capital strategies. It will target to back up to 20 per cent of the vehicles being raised by these funds. A final close for Fund V is expected in early 2019, according to an earlier article by DEALSTREETASIA.

Axiom Asia also makes secondaries purchases through its funds of funds.

Also Read:

Exclusive: Axiom Asia seeks over $1b for fifth fund of funds

US pension fund commits $40m to Axiom Asia’s fifth fund of funds