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Axiom raises $1 bn fund of funds, counts India among investment avenues

10 January, 2017

Singapore-based private equity firm Axiom Asia Private Capital (Axiom Asia) has marked the final close of its fourth fund Axiom Asia IV, L.P and is eyeing suitable investment opportunities in India, it said in a statement.

The fund has secured over $1 billion in total commitments from a group of institutional limited partners, exceeding its target of $750 million.

“The amount raised is a testament to the strong track record of Asian fund managers who have proven their ability to innovate and create profitable investment opportunities,” said Edmond Ng, one of the managing partners of Axiom Asia.

Besides Ng, the Asia-focused fund of funds is led by Chris Loh, Alex Lee and Marc Lau.

The fund will invest in buy-out, venture capital, growth capital and other private equity funds, as per the statement.

When contacted, Axiom told VCCircle that the private equity firm is eager to invest in Indian funds. “Axiom Asia is actively monitoring the India PE/VC landscape for suitable investment opportunities,” said Debbi Sutuntivorakoon, who handles portfolio monitoring, investor communications and LP partnership services for Axiom.

Sutuntivorakoon said the fund of funds had invested in India from its last three funds and is expected to continue the trend in future.

Axiom claimed that the general partner has increased its commitment in every successive Axiom fund and raised it by one-and-a-half times in Fund IV.

The firm had raised $1.15 billion for the final close of its third fund. Axiom Asia Private Capital Fund III, LP (Axiom III) exceeded its initial target of $950 million and was oversubscribed at the upper end with commitments of $1.4 billion.

In the past, it had raised $440 million and $950 million for its first and second funds, respectively. The current fund takes the total assets under management of the over-a-decade-old firm to $3.5 billion.

San Francisco-based Probitas Partners was the principal placement agent for the fund.

The PE firm has earlier made commitments to Hong Kong-based secondaries including NewQuest Capital Partners, China Everbright Investment Management and CDH Investments, among others.

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Axiom raises $1 bn fund of funds, counts India among investment avenues

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