BEIJING, HONG KONG, TOKYO AND SAN FRANCISCO, Jan. 26, 2022 /PRNewswire/ -- Asia Alternatives, one of Asia's largest independent private equity integrated funds, today announced the completion of a total of US$2 billion in the fundraising of its sixth tranche of funds, Asia Alternatives Capital Partners VI, LP and multi-tier funds (collectively, the "Funds"). The fund aims to build a diversified private equity portfolio in Asia with a focus on high-performing fund managers in Asia. More than 85% of the fund's committed capital comes from existing investors.
Ms. Melissa Ma, Co-Founder and Managing Partner of Kunhang Investments, said: "We sincerely thank the large number of limited partners for their continued support in completing the largest fundraising since our inception over 15 years ago, with our extensive investment experience accumulated from various market cycles and the solid partnerships we have established with outstanding fund managers across Asia, we have a unique vision and ability to gain insight into the opportunities brought about by market volatility and our past performance. All of which have made Kunhang Investment one of the top private equity investors in Asia."
Asia Alternatives Capital Partners VI, the largest of the Funds, LP and its parallel funds (collectively, "AACP VI") completed a total capital raising of US$1.1 billion, exceeding the expected target of US$1 billion AACP VI's upfront fund includes asia Alternatives Capital Partners V, LP ("AACP V") Fund, which completed its offering in September 2017. Asia Alternatives Capital Partners IV, LP ("AACP IV") Phase IV Fund was raised in April 2015, Asia Alternatives Capital Partners III, LP ("AACP III") Phase III Fund was raised in July 2012, and Asia Alternatives Capital completed in September 2008 Partners II, LP ("AACP II") Phase II Fund and Asia Alternatives Capital Partners, LP ("AACP I") Phase I Fund, which was completed in May 2007.
Ms. Rebecca Xu, Co-Founder and Managing Director of Kunhang Capital, said: "With our relationships with leading private equity and venture capital managers across Asia, we have been able to conduct rigorous screening when deploying capital, allowing our limited partners to stay ahead of the market opportunities in all regions. Will continue to drive short- and long-term investment opportunities"
Mr. Akihiko Yasuda, Managing Director of Kunhang Capital, said: "We have been focusing on expanding our network and expertise across Asia and accessing different markets and strategic opportunities through our local presence China remains our largest market, and our partnerships with japanese private equity institutions have become an important source of performance in recent years."
The fund includes private equity investors from around the world, including state and corporate pension funds, charitable foundations, university endowments, insurance companies and institutional investors in the Sixth Family Office Fund in the United States, Canada, Europe, Japan and Asia, including 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 the Virginia Retirement System.
Ms. Stacy Jennings, Vice President and Chief Investment Officer, Intermountain Healthcare, as a Limited Partner of Reinvestment, said: "The experience of the past two years has proven that a private equity firm with local expertise has an irreplaceable advantage, which is why we have worked side by side with Kunhang Capital, and we believe that Kunxing Capital's outstanding investment team, commitment to the Asian region and its distinctive investment strategy are all for Intermountain delivers an excellent return on investment"
Kunhang Investments is one of the first independent private equity integrated funds to focus on Asia, and the first limited partner to be qualified as a Qualified Foreign Limited Partner (QFLP) in China, allowing it to invest in eligible RMB private equity funds.
Eaton Partners, LLC and Diamond Dragon Advisors Limited are the placement agents of The Bank, and Ropes & Gray LLP are the legal counsel.