Singapore-based private equity firm Crescent Point Group has filed with the US Securities and Exchange Commission (SEC) to raise up to $900 million for its latest deep value fund — the Crescent Asia Consumer & Deep Value Fund III, LP.
The filing comes three years after the firm filed for the second fund in the series, which had targeted to raise $500 million.
According to its website, Crescent Point pursues deep value investments into consumer discretionary and asset-based businesses in Southeast Asia when markets are volatile. The firm invests in out-of-favour industries when high-quality assets are available at attractive prices.
Crescent Point focuses on consumer-sector investments in China and Southeast Asia. The firm is active in seven consumer sectors, namely FMCG; apparel and accessories; health and wellness; travel and tourism; automotive; consumer enabling services; as well as entertainment and leisure.
Crescent Point invests in a mix of “larger-growth” and “higher-growth” companies. The firm defines larger growth as companies with EBITDA of $30-250 million in China, or $15-150 million in Southeast Asia. Meanwhile, higher growth companies are those with over $100 million in revenue, limited losses, and growth rates of 50-150%.
The firm has 14 companies in its portfolio and has made 17 exits, according to Pitchbook data.
Its current portfolio companies include the Chinese video-sharing website Tudou, e-commerce solutions provider Baozun, clothing brand GXG, social commerce Yunji, as well as the Philippines-based coconut products manufacturer Axelum, and courier services company LBC Express.
The firm was also the second-largest shareholder in Malaysia’s budget airline company AirAsia Bhd before it went public in 2004.
In 2019, Crescent Point invested $36.2 million for a significant minority stake in Vietnam-based integrated children’s lifestyle platform N Kid Corporation.
Established in 2002 by a team of ex-Morgan Stanley investment bankers, Crescent Point has offices in Jakarta, Shanghai, Manila, and Ho Chi Minh City. It has invested over $1 billion across the region since its inception in 2002.
Crescent Point is among the many Southeast Asia PE funds in the market raising funds. As of January this year, 25 SE Asia-focused funds were looking to raise a cumulative $5.8 billion. In 2020, PE firms unveiled four new SE Asia-focused funds, according to a recent report by DealStreetAsia DATA VANTAGE.