Malaysian PE firm Navis Capital to launch continuation fund

Navis Logo

Malaysia-based private equity firm Navis Capital Partners has submitted an SEC filing to launch Navis Asia Continuation Fund, LP, although it did not disclose the corpus it is targeting to raise.

DealStreetAsia has learnt that the said fund Navis Asia Green Loop Fund will be formally announced this week. The closing of its Navis Asia Fund VIII will also be announced at the same time.

Navis started marketing Navis Asia Fund VIII around the second half of 2018 and is seeking to raise up to $1.9 billion for it. We had previously reported that the firm had raised over $1 billion for the vehicle.

The fund is looking to invest between $50 million and $150 million per deal. This is even as it is willing to cut smaller cheques in the range of $25-50 million to bridge the funding gap that is largely unaddressed by investors in the region.

In May, Navis acquired a majority stake in healthcare services provider Aurelius Healthcare, a specialist in tertiary and private healthcare management. The capital injection was to help Aurelius invest in brownfield and late-stage greenfield hospital opportunities, primarily in Malaysia.

Earlier this year, Navis invested in Singapore-based financial institutions technology provider Moneythor.

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.

Founded in 1998, Navis manages approximately $5 billion in private equity capital, investing primarily in and around Asia. The firm has over 80 control transactions across the Asian region completed since its establishment.

Continuation funds refer to new vehicles set up by fund managers to buy assets from an existing fund that is nearing the end of its lifespan.

In Asia, the concept of continuation funds is still at a nascent stage. However, amidst the pandemic, PE and VC firms have started showing an interest in this alternative exit path that offers them an option to cash out.

Take the Chinese market for instance where PE giant Huagai Capital recently restructured its healthcare investments into an 800-million-yuan ($124.4 million) continuation fund. Among other deals in the country Legend Capital built a continuation fund after raising $270 million via a secondary transaction involving assets from two of its older vehicles.

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.