KV Asia Capital said to near first close of second fund at $100m

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.

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.