Exclusive: Dymon Asia PE likely to close second SE Asia fund at $420-430m

Photo: Dymon Asia Private Equity website

Dymon Asia Private Equity, the private equity arm of Dymon Asia Capital, is likely to close its second PE fund at $420-430 million, two industry executives aware of the development told this portal.

The company had conducted the first close of its second vehicle –  Dymon Asia Private Equity (SE Asia) Fund II – at $325 million in December 2017. Dymon Asia Private Equity did not respond to a DEALSTREETASIA email query on its second fund.

The PE firm’s first fund, Dymon Asia Private Equity (SE Asia) Fund was launched in October 2012 and had achieved a final close of S$300 million (about $246 million at that time) in commitments. The fund was backed by Heliconia Capital Management, a wholly owned subsidiary of Temasek Holdings.

While this portal had first reported in October that Dymon Asia PE (SE Asia) Fund II was in talks to raise over $300 million, one of the sources quoted above said that the final close will be at a much higher amount.

The PE fund invests in profitable small and medium enterprises (SMEs) with revenues of S$10-500 million in Singapore and the region. Investments are normally structured as buy-outs, growth capital, recapitalization or through hybrid instruments. According to the Dymon Asia Private Equity website, the fund invests in all sectors except real estate, resources and technology startups. Investments by the Dymon Asia Private Equity (SE Asia) Fund include pre-school operator Nurture Education Group (2013), wallpaper and furnishing products distributor Goodrich Global (2013), marine civil engineering and construction firm HSL Constructor (2014), food service provider Select Group (2016) and vegetables and fruit snacks brand Greenday Group (2016).

As per information available in public domain, the fund it has so far made one exit – healthcare facilities management firm Asia Integrated Facility Solutions – in 2016.

Dymon Asia Capital was co-founded in 2008 by Danny Yong and Keith Tan and currently manages $5 billion across hedge fund, private equity and venture capital assets. Majority owned by its partners, it counts Temasek among its stakeholders. The Singapore state investment firm’s commitments include $500 million in 2014 towards establishing the Dymon Manager Solutions Group, which is primarily focused on creating equity-based strategies. Its venture capital arm, Dymon Asia Ventures, was set up in 2015.

More recently, Bloomberg reported that Dymon Asia Capital is firming up plans to raise an additional $600 million for a stock fund as it expands its equity business. The Dymon Asia Equity Fund oversees more than $400 million, made up of mostly internal capital and money from Singapore state-owned investment company Temasek Holdings Pte.

Dymon Asia Capital recently acquired a 6.86 per cent stake in Singapore-listed small and medium enterprises financing company IFS Capital Ltd to become a substantial shareholder. It also launched the APTA investments Fund as a separate vehicle in January 2018.

Also Read:

Dymon Asia picks 6.86% stake in Singapore’s SME financier IFS Capital

Singapore’s Dymon Asia hedge fund to raise $600m in equity expansion

PE firm Dymon Asia buys 13% in mineral water bottler Spritzer

Dymon Asia hits first close for maiden fund at $20m, Thailand’s SCB among LPs

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.