Thai PE firm Lakeshore Capital in the market for $125m second fund

Bangkok, Thailand. Photo: Pixabay

Thailand-based private equity firm Lakeshore Capital is in the market to raise $125 million for its second fund, Lakeshore Capital II LP.

The new growth capital fund will primarily back companies in Thailand, with the potential to invest up to 20 per cent of its corpus in Cambodia, Myanmar, Vietnam and Laos.

Details of the fund were revealed by the International Finance Corporation (IFC) in a disclosure. The development finance institution is considering a proposal to make an equity investment of up to $20 million in the fund, not to exceed 20 per cent of its total corpus.

“IFC will provide long-term equity capital as an anchor investor to help the fund reach its first close and eventually its target size of $125 million in a difficult fundraising environment,” it said in the disclosure.

Lakeshore Capital II will make investments of $5-20 million to acquire significant minority and majority stakes, IFC noted. The global development institution was also the anchor investor in the fund’s predecessor, the $60.7 million Lakeshore Capital I that was closed in 2015.

Lakeshore Capital, founded in 2009, invests across a spectrum of sectors, including food, retail, consumer products, light manufacturing, healthcare, education, logistics and business outsourcing.

It is led by its four partners, Panaikorn Chartikavanij, Anotai Adulbhan, Supawat Likittanawong and Leonard Cohen. Bangkok Bank and the Development Bank of Japan hold minority stakes in the PE firm.

The investment firm recently offloaded its entire stake in local steakhouse chain Santa Fe to Singha Corporation for $50 million, generating a 2.75x return. Last year, Lakeshore Capital announced the acquisition of a controlling stake in analgesic product maker Devakam Apothecary Hall in a deal that marked its sixth investment.

Another major PE fund focused on Thailand is Morgan Stanley Private Equity Asia’s North Haven Thai Private Equity, which was closed last year after securing over $440 million in capital commitments. The fund, which was launched in partnership with Bangkok Bank, will focus on investments in companies with significant operations in Thailand.

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.