Axiom Asia Private Capital has closed its seventh flagship fund-of-funds, Axiom Asia 7, at $1.28 billion, the firm announced in a LinkedIn post.
It said commitments came from both existing and new limited partners (LPs) from the Americas, Europe, Middle East and Asia.
Asia Axiom 7 will continue to invest in primary, secondary, and co-investment opportunities.
DealStreetAsia reported in 2023 that the firm set a target size for its seventh flagship vehicle at $1.8 billion.
“We are grateful for the strong support we have received from investors, especially amidst a challenging fundraising environment,” Axiom Asia said in its announcement.
Asia Pacific private equity fundraising hit bottom in 2024. With a total of $69 billion raised across 402 closed funds, it marked the region’s lowest level over the past decade, according to the Asia Pacific Private Equity 2025 Almanac published by Deloitte. The aggregated capital raised and fund closes were even less than one third of the average of the five years prior, the report added.
Private equity dry powder in the region therefore decreased to $414 billion at the end of 2024, declining 17.5% year-on-year.
Founded in 2006 by former GIC executives, Axiom Asia is focused on mid-market private equity funds in Asia. It has backed NewQuest Capital Partners, China Everbright Investment Management, CDH Investments, and Samara Capital’s continuation fund.
Axiom Asia 6 was closed at its $1.8 billion hard cap in 2020. The fifth fund was closed at $1.4 billion in 2018.
