Navis closes Asia fund on more than $1bn

Navis Capital Partners, the Asia-focussed buyout firm, has closed a fund more than triple the size of its previous fund, as the continent’s buyout firms prosper.

Asian-focussed Navis Capital Partners has closed its fifth fund on more than $1 billion (€720 million), according to a statement issued by Navis investor emerging market fund of funds CDC.

The buyout firm has more than tripled the $315 million raised for its previous fund in 2004.

UK government-backed emerging markets fund of funds CDC committed $70 million to the Navis fund. The commitments bring CDC’s overall investment in South East Asia to over $275 million.

Navis was established in 1998 by former Boston Consulting Group partners to focus on private equity investments in Asia. The fund will invest in mid-market companies requiring equity investments of between US$15-50 million.

Navis’ competitors in Asia have also been busy fundraising. Actis, the emerging markets fund manager, is currently attempting to raise $2.5 billion of funds globally, according to market sources.

Actis is targeting a $1.25 billion final close for its global fund and another $1.25 billion in commitments to four separate regional funds dedicated to China, South Asia, Africa and Latin America. It has taken the unusual step of forcing investors to invest in its global fund for access to its country funds, sources said.

CVC Asia Pacific has also broken off from its former partner US bank Citi as it looks to close on up to $5 billion for its latest fund targeting the region.