Singapore-headquartered private equity firm KV Asia Capital is targeting to hit the first close of its second fund at $100 million soon, DealStreetAsia has learnt.
The firm is expected to make a formal announcement on the first close in the next few weeks. KV Asia declined to comment for this story.
The PE firm is looking to raise up to $300 million for KV Asia Capital Fund II.
The firm’s first vehicle, which 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 is reportedly seeking to exit a few investments made by its first fund. The PE firm is pursuing a sale process for Malaysia’s supplement maker DXN Holdings Bhd. KV Asia holds around a 25 per cent stake in DXN Holdings and is being advised by Morgan Stanley on the deal, per our report in September.
The investment firm is also said to be eyeing an exit from Malaysian hypermarket chain TF Value Mart and was seeking as much as 1 billion ringgit ($238.6 million) for the retailer. KV Asia is believed to hold a majority stake in TF Value Mart.
In May 2019, KV Asia sold the K-12 education institution Asia Pacific School (APS) to the International Schools Partnerships (ISP). APS was part of Malaysia’s tertiary education business APIIT Group which was acquired by KV Asia in December 2017, according to the company’s website.
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.
In 2017, KV Asia managed to score two exits with the sale of Singapore’s Orange Valley Healthcare (OVH) to Singapore Press Holdings Limited (SPH) for S$164 million as well as the divestment of its holding in Singapore’s Aalst Chocolate.
Founded in 2010, KV Asia Capital focuses on investing in mid-sized 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.