PRINT THIS PAGE CVC closes third Asia Pacific Fund on $4.1bn17/04/2008. Source: AltAssets. 
CVC Capital Partners has closed its latest buy-out fund for Asia, CVC Capital Partners Asia Pacific III, on $4.1bn. The fund had an original target of $4bn. It held its first of three interim closings in January 2008 on $3.4bn. Commitments came from institutional investors, including HarbourVest, AlpInvest, CalPERS, CalSTRS, and also from high-net-worth individuals.
With respect to Fund III,Citigroup will no longer be a joint venture partner for CVC, but Citigroup has made a significant commitment to the fund. The joint venture relationship with Citigroup will continue for the remainder of the terms of Funds I and II, CVC said.
Fund III aims to invest in established companies in the most developed economies in the Asia Pacific region (Australia, Hong Kong, Japan, Singapore, South Korea and Greater China).
The new fund's predecessors CVC Capital Partners Asia Pacific and CVC Capital Partners Asia Pacific II, closed on $750m in 1999 and $1.975bn in 2005, respectively.
CVC chairman Michael Smith said, 'The successful close of our third Asia Pacific Fund demonstrates the continued appetite for investment opportunities in the region. This part of the world exhibits certain strong economic fundamentals and is an area in which we continue to see excellent opportunities. CVC greatly values its relationship with the LP's who have supported this new fund, many of whom have been with CVC since the inception of our business in Asia over nine years ago. We are delighted that demand remains strong among investors wishing to access this market and we value the long term relationships we have built with our investors both in Asia and in Europe.
'This fundraising is also a testament to the skills of the strong team of investment professionals at CVC who have made CVC's predecessor Asia Pacific Funds a success. It emphasises our local knowledge of the region and the extensive global network of contacts we have developed over the years,' Smith added.
CVC Asia Pacific has offices in Hong Kong, Seoul, Tokyo, Sydney and Singapore.
The current Asia Pacific portfolio includes Chinese beverage packaging company Zhuhai Zhongfu, Australian travel and hospitality group Stella Group, Australian media group PBL Media, Australian diagnostic imaging centre operator DCA, Singaporean precision metal stamping company Amtek, Malaysian paper and packaging company GS Paper and Packaging, Chinese wood fibreboards and laminated flooring manufacturer Plantation Timber Products and Korean semiconductor company Magnachip.
CVC was founded in 1981, initially as a subsidiary of Citicorp. The team completed its own MBO in 1993.
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