Caldera Pacific raises $250m for debut SEA fund, to deploy half of it in Vietnam

Photo by Peter Nguyen on Unsplash.

Southeast Asia-focused private equity (PE) firm Caldera Pacific has gathered $250 million for its debut fund, according to a source privy to the development.

The corpus raised has already exceeded Caldera Pacific Fund I’s initial target of $200 million, after which the firm is said to have raised its hard cap to $350 million.

The development was first reported by AVCJ, but DealStreetAsia has since independently verified it.

Caldera Pacific is expected to clock its first investment following the fund’s first close in March this year, the source said, adding the firm has roped in French investment group Argenthal as its anchor investor.

Argenthal is an investment group, which oversees over 4 billion euros ($4.4 billion) in assets. Real estate is the largest vertical, principally comprising residential properties in Provence and the French Riviera. Within its PE umbrella, the firm focuses on global middle-market financing opportunities, particularly the real assets segment.

Argenthal has strategic stakes in a slew of wealth management and asset management businesses, to which it provides financial services.

DealStreetAsia had earlier reported that Caldera Pacific is likely to invest in the $10-20 million range through its maiden fund.

With more capital in the kitty, Caldera Pacific Fund I will also be flexible in doing larger deals in Southeast Asia, according to the source.

The firm is looking at riding on Southeast Asia’s growing consumption power, and plans to seek significant minority stakes in profitable small and medium businesses.

Caldera Pacific, which has so far been active on a deal-by-deal basis, will allocate about half of its Southeast Asia fund to Vietnam, the source said.

The firm will also invest in Malaysia, Singapore, and opportunistically in the Philippines. It has set up an office in Ho Chi Minh City, Vietnam, in addition to existing offices in Hong Kong, Singapore and Seoul.

Caldera Pacific’s biggest investment in Vietnam is asset management firm Dragon Capital.

Caldera Pacific joins a group of regional fund managers who have in recent months trumpeted a Vietnam mandate. Excelsior Capital Asia has hit a first close of $62 million for its Vietnam vehicle with a $150-million corpus target. Meanwhile, M&A advisory firm BDA Partners is launching a Vietnam-focused private equity fund, poaching Northstar Group‘s former managing director Bert Kwan to lead the new business.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.