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Asian buy-out group Affinity closes debut independent fund on $700m

Affinity Equity Partners, the Asian buy-out group that spun out of UBS earlier this year, has closed its debut independent fund comfortably ahead of its original target with commitments of $700m.

Affinity Asia Pacific Fund II is the first fund raised by the team since it emerged from UBS in March this year. The focus will be on control buy-out investments in the more developed economies of the Asia Pacific region.

Kok-Yew Tang, chairman and managing partner, said: 'Investors were attracted by our focused and disciplined investment strategy, the quality of our team and our investment track record of generating cash realisations.'

Investors in the fund included Adams Street Partners, Allianz Private Equity Partners, AlpInvest Partners, Government of Singapore Investment Corporation, Temasek and Pantheon.

Institutional investors have been showing an increasing interest in Asian private equity funds this year, partly inspired by some high profile exits in Japan and South Korea.

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