Private equity firm Navis Capital Partners, which is in the process of raising its eighth fund, is understood to have extended the fundraising to next April, according to sources familiar with the matter.
The Kuala Lumpur-based firm is seeking up to $1.9 billion for Navis VIII. It is learnt to have raised over $1 billion for this vehicle by 2019-end. Navis started marketing the fund around the second half of 2018 and was expecting a final close by end-2019.
As DealStreetAsia reported earlier, the new fund is expected to cut cheque sizes of between $50 million and $150 million. The firm is also likely to make smaller investments, in the $25-50 million range, to bridge a funding gap it sees as largely unaddressed by other investors in the region.
Navis Capital did not comment for this story.
The firm’s seventh fund, the 2013-vintage Navis VII, was closed at $1.5 billion. Limited Partners in that fund included the Employees Provident Fund of Malaysia and the Employee Retirement System of Texas.
Navis Capital manages around $5 billion in public and private equity capital across its investments in Asia.
It has made more than 70 controlling investments in the region, focusing on sectors such as food processing, casual dining, FMCG, industrial services, outdoor advertising, auto rentals, consultancy, and professional services. More than half of its investments were follow-on acquisitions.
Most recently, Navis Capital took a majority stake in Malaysian scaffolding and construction equipment solutions provider Dscaff this month. It had first invested in Dscaff in early 2018, via a redeemable, convertible debt instrument, a Navis spokesperson told DealStreetAsia at the time.
It also divested its entire stake in Malaysian IT firm Strateq earlier this month, to a unit of Singapore-listed telecommunications company StarHub, reportedly for RM 137 million. Navis Capital had invested in Strateq in 2013 by acquiring 54.8 per cent stake in the IT company from Kencana Capital Assets.