Private equity giant CVC has launched its sixth Asia fund with $6.8bn (£5.4bn) in commitments, known as CVC Capital Partners Asia VI.
The new fund is 50 per cent larger than its predecessor, which was raised in 2020 and closed at $4.5bn (£3.6bn).
Launching with a target of $6bn, CVC said Asia VI had seen strong demand from “new and returning blue chip investors”, and has pushed the firm’s total cash raised for Asia to over $21bn.
The firm has been active in Asia since 1999, having made more than 80 acquisitions across the continent.
Asia VI will focus on “control, co-control and partnership investments” in firms deemed high quality in core consumer and services sectors across Asia.
In total, the firm manages $199bn (£157.9bn) of assets globally across seven different investment strategies.
Sigit Prasetya, managing partner and head of CVC Asia, said: “We are delighted to welcome our new investors and are grateful for the trust and continued support of our returning investors.
“With the successful close of Asia VI, we will continue to leverage our deep industry expertise, pan-regional local office presence and the global CVC Network to identify attractive investment opportunities and partner with founders and high quality management teams, in the fast-growing Asian private equity markets.”
Rob Lucas, managing partner at CVC, added: “We have invested significantly in CVC Asia over recent years and are delighted with its excellent progress.
“CVC Asia is one of the growth engines for our private equity platform and we look forward to the continued expansion and success of this strategy.”