Axiom Asia Private Capital Management Services, LP, an Asia focused fund-of-funds based in Singapore, has achieved the final close of its second fund — Axiom Asia Private Capital Fund II, LP (Axiom II) at $950 million. Axiom had earlier targeted to close the fund at $750 million, said a company statement.
Axiom will invest in a portfolio of management buyout, venture capital, growth capital and other private equity funds in Greater China, India, Japan, Southeast Asia, Korea and Australia.
Axiom II is successor to Axiom Asia’s first fund — Axiom Asia Private Capital Fund I, LP (Axiom I), which was closed at $440 million in 2007. According to the company, about 98% of the existing investors of Axiom I have contributed in Axiom II. The fund has raised over $400 million from new investors.
Axiom II will typically target investments of up to $100 million per invested fund and will also target select investments in secondary fund interests and portfolio companies alongside invested funds, added the statement.
“Our experience of investing over various cycles like the 1997/98 Asian financial crisis helped us to build up a well-diversified portfolio of differentiated funds, which has stood up well despite the global economic crisis,” said Yewhong Goh, managing director at Axiom Asia.
Axiom Asia was formed in 2006, and is an independent investment firm focusing on fund investments in buyout, venture capital and growth capital opportunities in the Asia Pacific Region. It currently has around $1.4 billion in LP capital under management. Axiom I started investing in 2006.
Probitas Partners, a San Francisco-based firm, acted as principal placement agent for the fund.