HONG KONG, Could 5 (Reuters) – U.S. personal fairness agency Bain Capital is nearing the ultimate shut of its fifth and largest Asia-focused fund after having raised round $6 billion from world buyers, mentioned two individuals with data of the state of affairs.
The dedicated capital to the fund has exceeded the agency’s preliminary goal of $5 billion, mentioned one of many two individuals and a 3rd supply with data of the fundraising.
Bain Capital, which began fundraising within the second half of final 12 months, goals to finish the train within the coming weeks, mentioned the three individuals, who all declined to be recognized as the knowledge is confidential.
Bain Capital declined to remark.
Bain Capital’s newest fundraising comes as buyers globally are battling geopolitical uncertainties, the next curiosity setting, market volatility, and macroeconomic headwinds in lots of markets.
In Asia, buyers have been cautious about deploying capital in China as a consequence of an financial slowdown, regulatory crackdown and Sino-U.S. tensions – all of which solid a shadow over Asia funds with a heavier allocation to the nation.
About $131.6 billion in complete was raised in 2022 for Asia-focused funds, about half of 2021’s $251.2 billion, Preqin information confirmed. Fundraising thus far this 12 months has totalled simply $15.5 billion, the info confirmed.
Personal equity-backed offers throughout Asia Pacific, together with Japan, have slumped 41% to $41 billion thus far this 12 months from the identical interval final 12 months, the bottom degree since 2020, Refinitiv information confirmed.
Equally, in China, personal equity-backed offers thus far this 12 months have dropped 39% 12 months on 12 months to $9.7 billion after having plunged to a six-year low final 12 months, the Refinitiv information confirmed.
NEW FUNDRAISING
Bain Capital’s new Asia fund will focus closely on Japan, the place it has landed marquee offers such because the $18 billion buyout of Toshiba Corp’s (6502.T) reminiscence chip enterprise, mentioned two of the three individuals.
The agency invests throughout a number of asset lessons, together with credit score, public fairness, enterprise capital, and actual property, managing roughly $160 billion in complete property globally.
It most lately agreed to take joint possession of Japanese human-resources software program supplier Works Human Intelligence with Singapore’s GIC for an undisclosed quantity.
Final 12 months, Bain Capital closed a $2 billion “particular conditions fund” for Asia Pacific to cowl a variety of asset sorts however with a concentrate on actual property.
Bain Capital’s U.S. rival Carlyle Group (CG.O) continues to be available in the market looking for to lift $8.5 billion for its new Asia-focused fund, separate sources with data of Carlyle’s fundraising mentioned.
Hong Kong-based PAG, which began fundraising greater than a 12 months in the past, has lower its fund measurement goal to $6 billion from $9 billion, based on media stories and other people with data of its plans.
Carlyle and PAG each declined to remark.
Reporting by Kane Wu; Enhancing by Sumeet Chatterjee and Sonali Paul
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