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PRINT THIS PAGE JPMP Asia closes $1.575bn buy-out fund, renames itself CCMP Capital Asia08/09/2005. Source: AltAssets. 
 JPMorgan Partners Asia has closed its new Asian buy-out fund on $1.575bn. Asia Opportunity Fund II will invest in controlling stakes in leveraged buy-outs of medium to large-sized companies in the Asia Pacific region.
Investors are primarily international institutions. Andrew Liu, managing partner and CEO of JPMP Asia, said, 'The level of interest from existing and new institutional investors in AOF II has been very strong with demand exceeding $2.5bn. We made a conscious decision upfront to cap AOF II at around $1.5bn so that we could ensure that we could continue to execute disciplined and targeted deals that are consistent with our strategy.'
AOF II will continue the investment approach of Asia Opportunity Fund and target control-oriented acquisitions where JPMP Asia will be able to drive value through operational improvements. The key markets will be the larger markets of Australia, Greater China, Japan, Korea and Singapore.
JPMP Asia's initial fund, the $1.1bn Asia Opportunity Fund, was raised in 2000 and has made investments in 15 companies throughout the region. Acquisitions include Mando Corporation and Haitai Confectionery in Korea, Metalform Asia and Yellow Pages Singapore in Singapore, Sanda Kan Industrial and ASAT Holdings in Hong Kong/China, Rhythm Corporation in Japan and Air International Thermal in Australia.
In March 2005 JPMorgan Chase & Co. announced that the management of JPMP Asia's affiliate in New York, JPMP, plans to spin off from its parent organisation to form an independent private equity firm. JPMorgan has now confirmed that this spin-off will take effect when JPMP completes the investment of its current $6.5bn Global Fund, which is expected to occur in late 2006. JPMP Asia plans to spin off together with JPMP.
In preparation for this spin-off, a new management company called CCMP Capital Asia will be formed in November of this year. Management and operations will remain unchanged.
JPMP Asia has about $2.7bn under management. The team consists of 20 investment professionals based in Hong Kong, Melbourne, Seoul, Shanghai, and Tokyo.
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