Asia private equity FoFs attracts $2bn

Asia Alternatives, one of the first independently formed Asia private equity fund-of-funds, closed its diversified private equity portfolio with over 85% of the committed capital coming from pre-existing relationships.

The $2 billion fundraise of Asia Alternatives Fund VI follows the close of its predecessor fund in September 2017.

Institutional investors across the firm’s fund series include The Boeing Company, Cathay Life Insurance Co., Comprehensive Financial Management, The Dai-ichi Life Insurance Company, Limited, Florida State Board of Administration, Intermountain Healthcare, Jasper Ridge Partners, Maryland State Retirement and Pension System, Massachusetts Mutual Life Insurance Company, McKnight Foundation, Minnesota State Board of Investment, New York State Common Retirement Fund, Public Schools Retirement System of St. Louis, San Francisco City and County Employees’ Retirement System, and Virginia Retirement System.

“The past two years have reinforced why there is no substitute for a local presence and why we’ve invested with Asia Alternatives,” said Stacy Jennings, vice president and chief investment officer of Intermountain Healthcare. “In our experience, Asia Alternatives has exceptional investment talent, a strong commitment to the region and a differentiated approach that have delivered positive investment outcomes for Intermountain.”

“We are especially grateful for the ongoing support from our limited partners, and pleased to complete the largest raise in our over fifteen-year history,” Melissa Ma, co-founder and managing partner of Asia Alternatives. “Our extensive experience investing through market cycles and the lasting relationships we have forged with leading fund managers across Asia provide an unique perspective and the ability to take advantage of the opportunities market volatility has created.”

The fund maintains a strong commitment to China, where Asia Alternatives continues to see both short and long-term opportunities underpinned by fast evolving and growing consumer demand, together with impressive development in technological innovation, said Rebecca Xu, co-founder and managing director of Asia Alternatives.

Law firm Ropes & Gray advised Asia Alternatives. The team advising Asia Alternatives was initially led by the late Raj Marphatia (San Francisco), partner in the asset management practice. 

The global team advising Asia Alternatives was led by asset management partner Justin Kliger (Boston) and asset management associate Jianing Zhang (Hong Kong), and included tax partner Kat Gregor (Boston), asset management partners Eve Ellis (London) and Morri Weinberg (New York) and asset management counsel Kyle Bassman (San Francisco). It also included asset management associate Andrew McCall (New York), capital markets associate Patrick Messenger (San Francisco), tax associates Stefan Herlitz (Boston) and Kathryn Seevers (Washington, D.C).

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