Thai PE firm Lakeshore Capital hits final close of Fund II at $150m

Cityscape of Downtown Bangkok. Photo: Andreas Brücker/unsplash

Thailand-based Lakeshore Capital has made the final close of its second fund – Lakeshore Capital II LP – at its hard cap of $150 million, according to an announcement.

The fund corpus is more than double the size of its debut vehicle, which secured $60 million in 2015. The firm’s second fund saw strong support from existing and new institutional investors, which include a mix of pension funds, fund of funds, family offices, and development finance firms.

Lakeshore Capital II was launched in November 2019 just before the global coronavirus outbreak. International Finance Corporation (IFC), a member of the World Bank Group, has committed up to $20 million to the fund. IFC was also the anchor investor in Fund I.

The new growth capital fund will primarily back companies in Thailand, with the potential to invest up to 20% of its corpus in Cambodia, Myanmar, Vietnam, and Laos. It will make investments of $5-20 million to acquire significant minority and majority stakes, according to IFC’s pre-investment disclosure in 2019.

“Thailand is the geographical focus area for investments but we also consider investment opportunities in the Greater Mekong Sub-region,” the PE firm said on its website.

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.

In 2019, the investment firm offloaded its entire stake in local steakhouse chain Santa Fe to Singha Corporation for $50 million, generating a 2.75x return. A year earlier, it announced the acquisition of a controlling stake in analgesic product maker Devakam Apothecary Hall in a deal that marked its sixth investment.

Despite the challenges posed by the COVID-19 pandemic, four SE Asia-focused PE funds managed to record a final close in 2020—three of these were closed in the second half of the year—with a total corpus of $1 billion, according to DealStreetAsia’s Private Equity in SE Asia: H2 2020 Review. 

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.