Private equity firm CVC Capital Partners has officially launched its fifth Asia-focused vehicle that is looking to raise up to $5 billion, the largest ever fund raised by the firm.
The firm made a filing at the US Securities and Exchange Commission (SEC) on Thursday, officially launching the fund CVC Capital Partners Asia V. The amount to be raised by the fund and the commitments it has already received were not disclosed in the SEC filing.
The official launch comes after CVC is said to have received a positive pre-marketing feedback last year. The firm is believed to have been promised enough commitments to make the first close in the first quarter of this year, this portal had learnt earlier.
DEALSTREETASIA had first reported that the private equity firm was targeting to raise the multi-billion dollar fund and looking to deploy about $1 billion each year from the vehicle.
The firm did not respond to emailed query about the fund at the time of writing the article.
The fifth fund follows its predecessor CVC Asia Fund IV that had raised $3.5 billion in May 2014 and was over 70 per cent deployed. From the fourth fund, CVC acquired Malaysian homegrown snack brand Munchy parent in June last year. Among other investments include Indonesia’s top snack maker PT GarudaFood Putra Putri Jaya.
Another portfolio firm QSR Brands (M) Holdings Sdn Bhd which operates over 750 KFC outlets in Malaysia, Singapore, Cambodia, and Brunei, as well as over 450 Pizza Hut outlets in Malaysia and Singapore, will be listed on Bursa Malaysia by early next year and raise at least $500 million.
CVC Capital’s latest fifth fund will add to the cohort of large vehicles that have been raised in Asia or are currently on the fundraising trail. KKR last year closed a $9.3 billion fund focused on investments in private equity transactions across the Asia Pacific region.
Other PE majors who are on the list include TPG’s $4.5 billion Asia fund and Warburg’s $4 billion China-focused fund. Further, regional private equity players like Hillhouse Capital, Baring PE Asia and Primavera have also been adding to the capital ammunition.