Hong Kong and San Francisco – November 3, 2008 – Asia Alternatives, the largest independent, Asian private equity fund-of-funds, today announced the final close of Asia Alternatives Capital Partners II, LP (“AACP II” or the “Fund”), with US$950 million of committed capital. The Fund closed meaningfully above its original target of $850 million and was oversubscribed. AACP II is the successor fund to Asia Alternatives Capital Partners, LP (“AACP I”), with US$515 million of committed capital, which closed in May 2007.
Asia Alternatives is one of the first independently-formed private equity fund-of-funds. Headquartered in Hong Kong, Asia Alternatives has 19 people representing one of the largest teams solely dedicated to making Asia private equity fund investments. The firm was founded in 2006 by Melissa Ma, Laure Wang and Rebecca Xu.
The institutional and strategic individual investors in the Fund represent a global pool of private capital sources including state and corporate pension funds, foundations, university endowments, insurance companies and family offices in the United States, Canada, Europe and Asia. They include the California Institute of Technology, California Public Employees’ Retirement System (CalPERS), New York State Common Retirement Fund, OHIM Asia Investors, LP, an affiliate of Oak Hill Investment Management, Ontario Municipal Employees Retirement System (OMERS), Pennsylvania State Employees’ Retirement System, F. Warren Hellman, founder of private equity firm Hellman & Friedman LLC and Arthur Rock, a leading venture capitalist. Notably, the vast majority of the capital raised for AACP II came from existing investors in AACP I.
“We are honored that the overwhelming majority of our initial limited partners invested in our second fund and we greatly appreciate their continued support,” said Melissa Ma, Co-Founder and Managing Director of Asia Alternatives.
The Fund is focused on building a diversified portfolio with an emphasis on top-performing local Asian fund managers. Its primary geographic focus will include Greater China, Japan, Korea and India. Southeast Asia, Australia and New Zealand will also be considered on an opportunistic basis. Across AACP I and AACP II, Asia Alternatives is invested in 12 countries in Asia.
The firm has a proprietary database of local fund managers in these markets. To date, the firm has reviewed and continues to track over 600 Asia-focused private equity managers.Back to News