L Catterton looking to raise $800m for fourth pan-Asia fund: report

L Catterton looking to raise $800m for fourth pan-Asia fund: report

Photo by Josh Appel on Unsplash

L Catterton is planning to launch three new funds targeting the Asia region, according to a media report.

The private equity firm is looking to raise $800 million for its fourth pan-Asia fund, Private Equity International reported on Tuesday citing sources. The main fund is being accompanied by two separate country-focused vehicles targeting India and Japan, the report added.

The main vehicle will be named  L Catterton Asia II, reflecting a leadership overhaul that occurred during the raising of its predecessor vehicle—the 2017 vintage L Catterton Asia 3. The vintage fund had already secured at least $1.29 billion before the leadership overhaul following the 2016 merger of consumer giant Catterton and Asia-focused L Capital.

The portfolio built prior to the leadership change in 2019 is now being referred to as L Capital Asia 3 while 19 deals completed by the post-2019 leadership team, led by former TPG partner Scott Chen, are now collectively referred to as L Catterton Asia I.

DealStreetAsia has reached out to L Catterton for comments.

Anjana Sasidharan heads the India team at the PE firm. She joined in 2021 from Sequoia Capital. Toshitaka Shimizu, formerly of Sunrise Capital, leads the firm’s current Japan team.

The new fund is expected to pursue mid-market growth and buyout opportunities in China, India, and Japan, its core regional markets.

According to the PEI report, the two country-focused funds will deploy capital alongside the main fund on a pro-rata basis.

In March, L Catterton had announced the formation of a joint venture in India with former Hindustan Unilever (HUL) CEO Sanjiv Mehta to develop a new investment vehicle targeting the country’s consumer market. Through the partnership, L Catterton plans to invest in Indian consumer businesses, utilising its global reach, investments in the consumer sector, and backing from France-based LVMH.

L Catterton is a consumer-focused investment firm managing approximately $34 billion across three multi-product platforms: private equity, credit, and real estate.

Edited by: Pramod Mathew

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