Emerald Hill Capital Partners, an Asian private equity fund-of funds based in Hong Kong, has closed its second fund at $300 million. This takes the firm’s total assets under management to the excess of $500 million now. The fund- of- funds received strong backing from endowments, foundations, pensions, insurance companies, and family offices in the U.S. and Europe.
About 70% of the committed capital has been tapped from this investor base.
“We are very pleased with the outcome of our fundraise and extremely grateful to our investors for their continued support of Emerald Hill”, said Eugene Choung, one of the firm’s partners.
India is one of the key markets for the fund. “India has been a significant part of our investments from fund I and continues to be important for Fund II”, Choung told VCCircle without disclosing their portfolio.
Recently, alternative assets and fund of fund manager LGT Capital Partners closed its second global secondaries fund Crown Global Secondaries II plc (CGS II) with $1.2 billion capital commitment. In 2009, Morgan Stanley raised a $1.14 billion for a private equity fund of funds, to invest in other private equity and buyout funds.
According to a recent report by Emerging Markets Private Equity Association (a non-profit, independent, global industry association for PE & VC investing in emerging markets), fund-raising for emerging markets-dedicated private equity funds slowed in 2009, but investment activity was comparatively strong. Emerging markets captured 9% of global private equity fundraising and 26% of global private equity investment, with deal activity by transaction volume down by only 11%.