PE firm L Catterton to raise $1.25b for third Asia-focused fund

Ravi Thakran. Photo- Mint

L Catterton, the consumer-focused private equity (PE) firm, will be raising $1.25 billion for its third Asia-focused fund, as per a filing with the US Securities and Exchange Commission on June 2.

In January 2016, Singapore-based PE fund L Capital Asia merged with American consumer-focused PE firm Catterton to form L Catterton. It currently manages over $14 billion in capital. Since 1989, L Catterton’s funds have made over 150 investments in leading consumer brands across all segments of the consumer industry, according to its website.

L Capital had closed its second fund L Capital Asia II at $950 million in 2014. The company originally had a target of $800 million; it continues to invest from the fund. Its first fund L Capital Asia had secured $637 million in 2010.

Asia’s consumption-led economy fuelled by a rising middle class population and growing income levels has caught of attention of investors, leading to a spate of new funds. KKR recently raised $9.3 billion for its Asia Pacific-focused KKR Asian Fund III, its biggest ever investment vehicle in the region.

Similarly, TPG is raising about $4.5 billion for its seventh Asia fund which is nearing closure, while Carlyle is looking to raise a $1-billion Asian growth fund, largely focused on India and China. Hong-Kong based private equity PAG Asia Capital, too, announced that it raised $3.66 billion for its second Asia buyout fund.

Last year, RRJ Capital closed the largest-ever private equity fund for an Asian firm at $4.5 billion. The year 2016 also saw Hong Kong-based Baring Private Equity Asia raise $4 billion for its sixth Asia fund. Warburg Pincus LLC followed suit late last year by raising a new $2 billion fund to focus on growth investments in China.

L Catterton invests in all major consumer segments including food and beverages, retail and restaurants, beauty and wellness, fashion and accessories, consumer products and services, consumer health, and media and marketing services, as well as real estate projects anchored by luxury retail.

Its portfolio companies include Peloton, Restoration Hardware, CorePower Yoga, Sweaty Betty, Outback Steakhouse, Plum Organics, CHOPT Creative Salad Company, Mendocino Farms and Noodles & Company.

According to a recent media report, L Catterton is looking to buy a stake in India’s Vedant Fashions, the owner of ethnic wear brand Manyavar.

Also Read: KKR raises $9.3b for biggest Asian PE pool

KKR & TPG near first close for their Asia-focused funds

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.