Temasek-backed Tikehau Capital hits first close for Asia fund-of-funds at $100m

French alternative investment manager Tikehau Capital, which has recently opened a Japan office to boost its Asia operations, has achieved a first close at $100 million for its debut fund-of-funds in Asia, according to a report by Private Equity International (PEI).

The 22 billion euro fund manager planned to raise $150 million and close fundraising for the vehicle by mid 2020, the report said. Tikehau is the largest investor in Fund of Funds I.

The fund has a mandate to invest in Asian private debt and venture capital.

Tikehau opened its new Asia office in Tokyo last week in a bid to gain greater proximity with Japanese limited partners who have a growing appetite for European private markets.

“Japanese investors are looking to diversify outside of the domestic market or the US, and Europe presents a new opportunity for them. We want to bring European investors to Asia and Asian investors to Europe,” Bruno de Pampelonne, head of Asia for the French asset manager, told PEI.

He reportedly added that Tikehau has never committed to a Japanese fund or made a direct investment in the country.

Prior to the Japan presence, it had established presence in Singapore and South Korea. The firm has partnered with Singapore-listed real estate company City Developments Limited (CDL) in IREIT Global, a Europe-focused real estate investment trust.

CDL has acquired a 50 per cent stake in the trust manager, IREIT Global Group (IGG), for S$18.36 million from Tikehau Capital. The French investment firm, which invested in IGG in November 2016, holds the remaining 50 per cent.

In addition, CDL has also bought 12.4 per cent of the trust for S$59.36 million. IREIT Global has been listed in Singapore since 2014. Meanwhile, Tikehau Capital itself has increased the ownership in IREIT Global from 8.4 per cent to 16.4 per cent.

“This strategic partnership with CDL offers Tikehau Capital a stronger economic foothold in Asia,” it said in a statement.

Tikehau Capital invests in various asset classes, including private debt, real estate, private equity and liquid strategies. Last year, the Temasek-backed private equity firm partnered with Sprim Ventures to launch TKS1, an early-stage venture capital fund. The $60-million fund has been fully deployed, and the duo will raise a second fund with anticipated $150 million hard cap, according to PEI.

Meanwhile, Sprim said in late 2018 that they aimed to bring TKS1 to as much as $75 million.

Tikehau Capital is also an investor in Deskera, Singapore-based software company that has raised over $100 million in extended Series A round with participation of Mirae Asset-Naver’s Asia Growth Fund.

Also read:

Exclusive: Singapore’s Deskera raises over $100m in extended Series A round

SG: Tikehau Capital, SPRIM Ventures’ joint healthcare fund makes first close at $50m

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.