PE firm KV Asia Capital said to target $300m for upcoming Fund II

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Singapore-headquartered private equity firm KV Asia Capital is looking to raise about $300 million for its second fund, KV Asia Capital Fund II, DEALSTREETASIA has learnt.

The firm has started discussions with its existing investors regarding the launch of the second fund, which is likely to take place in the second quarter of 2019. KV Asia Capital is currently working on the last few investments from its $263-million first fund.

When contacted, KV Asia Capital declined to comment on its fundraising activities.

The firm’s first vehicle, closed in late 2013, had exceeded its $250-million target after gathering commitments from pension funds, endowments, financial institutions, fund of funds and family offices.

KV Asia Capital’s first fund completed two exits in 2017. Orange Valley Healthcare (OV), which it had acquired in April 2014 for an undisclosed sum, was bought by Singapore Press Holdings Limited (SPH) for S$164 million ($120 million).

The PE firm’s website lists Singapore-based premium chocolate maker Aalst Chocolate as the second of its former investments, after OV. KV Asia Capital had picked up a stake in Aalst in March 2015 for an undisclosed sum.

In Malaysia, the investment firm has stakes in hypermarket chain TF Value-Mart Sdn Bhd, DXN Holdings, and APIIT Education Group. The PE firm took over APIIT from Malaysia’s state-owned private equity firm Ekuinas Nasional Bhd, which divested its entire stake for $180 million.

Founded in 2010, KV Asia Capital focuses on mid-size companies in Southeast Asia. The firm was launched by Karam Butalia, the former global head of Standard Chartered Private Equity (SCPE), and Vibhav Panandiker, previously of SCPE and JP Morgan Private Capital Asia.

Several mid-market private equity firms in Southeast Asia are currently on the road to raise funds, including Malaysia-based Creador, which aims to hit the $550-million hard cap for its fourth fund in the first half of this year. Singapore-based Southern Capital is reportedly seeking to close its fourth fund at $500 million this year.

Kuala Lumpur-headquartered Navis Capital Partners is expecting to hit the first close of its eighth fund at $1 billion in April. The $1.75-billion fund has a hard cap of $1.9 billion.

Also Read:

Singapore: SPH acquires Orange Valley Healthcare from KV Asia Capital in $117m deal

Exclusive: KV Asia Capital plans $500m second vehicle, launch likely by year-end

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.