<article>Southeast Asia-based private equity firm Navis Capital Partners has started to market its eighth vehicle, Navis VIII, for which it is seeking to raise about $1.75 billion, this portal has learnt.</article>

Southeast Asia-based private equity firm Navis Capital Partners has started to market its eighth vehicle, Navis VIII, for which it is seeking to raise about $1.75 billion, this portal has learnt.
An industry source familiar with the matter told DEALSTREETASIA that the latest fund has a hard cap of $1.9 billion. The executive also added that the firm expects a first close at the end of the year and a final close by mid-2019.
Navis VIII will be slightly bigger than the firm’s current 2013- vintage vehicle, the $1.5-billion Navis VII. About a year ago, Navis VII was already 70 per cent drawn.
When contacted, Navis declined to comment on its fundraising plans.
While the PE firm&#8217;s average ticket size will remain between $50 million and $150 million, the new vehicle will also see it make smaller investments of $25-50 million to bridge a funding gap it sees as being left unaddressed by most venture capital firms and PE players in the region.
This year, the Malaysia-based PE firm made its <a href="https://www.dealstreetasia.com/stories/navis-fund-vii-marks-first-exit-sale-sg-based-mfs-technology-91675/">first exit from Navis VII</a> in February by divesting its controlling stake in Singapore-based printed circuits board solution provider MFS Technology to Hong Kong-based DCP Capital Partners. That exit generated a 2.9 times multiple and over 40 per cent IRR for the general partner on an investment made in November 2014 with minority co-investor Novo Tellus Capital Partners.
In July, the firm also exited its investment in Singapore-based White Lodge Education Group for $9.75 million to Chip Eng Seng Corporation Ltd in an all-cash deal.
This portal has also learnt that Navis’ seventh fund is set to exit its investment in Luxembourg-based medical equipment maker B Medical Systems, which it took over in March 2015, by the end of this year. The deal is expected to be valued in excess of EUR500 million ($584.5 million).
Other notable exits include its investment in Australian retirement village developer National Lifestyles Village to Singapore’s sovereign wealth fund GIC and Australia’s Tasman Capital Partners. Last year, it also divested its majority interest in Australian clothes retailer Retail Apparel Group to South Africa’s The Foschini Group in a deal worth $225 million.
Recent additions to its portfolio include Vietnamese jeans manufacturer <a href="https://www.dealstreetasia.com/stories/pe-navis-capital-invests-into-vietnam-based-jeans-maker-saitex-holdings-98217/">Saitex Holdings</a> and Kuala Lumpur-based scaffolding and construction equipment provider <a href="https://www.dealstreetasia.com/stories/mon-pe-firm-navis-invests-in-malaysia-based-manufacturer-dscaff-from-fund-vii-98145/">Dscaff</a>.
Founded in 1998 by Richard Foyston, Nicholas Bloy and Rodney Muse, Navis focuses on buyouts, recapitalisations and financial restructuring across Asia, especially in Southeast Asia, Australia and Hong Kong. It currently manages about $5 billion in public and private equity capital, and has made about 75 controlling investments in the region.
Navis is not the only firm that is raising funds in the region. Kuala Lumpur-based PE firm Creador has just <a href="https://www.dealstreetasia.com/stories/pe-firm-creador-hits-first-close-for-fourth-fund-at-430m-101329/">hit the first close</a> of its fourth vehicle, which is targeting to raise $500 million, with a final close expected in October.
Other private equity majors have also been gathering larger Asia-focused vehicles since New York-based KKR closed its third Asia-focused buyout fund at a record $9.3 billion. Hong Kong-based Baring Private Equity Asia has recently hit the <a href="https://www.dealstreetasia.com/stories/baring-pe-asia-seventh-fund-103291/">first close at $4.5 billion</a> of its $6 billion Fund VII while China-focused Hillhouse Capital Management is raising up to $8 billion.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/navis-fund-vii-marks-first-exit-sale-sg-based-mfs-technology-91675/">Navis’ fund VII to mark first exit with stake sale in Singapore’s MFS Technology</a>
<a href="https://www.dealstreetasia.com/stories/pe-firm-navis-investment-pipeline-worth-2b-81452/">PE firm Navis looking at an investment pipeline worth $2b</a>

Navis’ seventh fund is also set to exit its investment in Luxembourg-based medical equipment maker B Medical Systems by the end of this year. The deal is expected to be valued in excess of EUR500 million ($584.5 million).

PE firm Navis Capital said to seek first close of $1.75b eighth fund by year-end

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PE firm Navis Capital said to seek first close of $1.75b eighth fund by year-end

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