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Squadron Capital

FLAG Capital buys Asia-focused fund of funds Squadron Capital

23 October, 2012

ICICI Bank offers mobile phone recharge via SMS The social media stock pickersAsia-focused fund of funds manager Squadron Capital has been acquired by US-based FLAG Capital Management LLC, a private capital investment manager with $4.5 billion under management. The Hong Kong-based firm, which is focused on private equity funds, has $1.5 billion in assets under management.

Squadron was sold by Search Investment Group, owned by Duty Free Shops’ founder Robert Miller. The transaction is expected to close on or before December 31. Terms of the deal were not disclosed.

The transaction increases FLAG’s total assets to over $6 billion and deliver global solutions in private equity, venture capital, natural resources and real estate.

Squadron has invested in several India-focused fund managers including Avigo Capital Partners and more recently backed Motilal Oswal Private Equity Advisors’ India Business Excellence Fund-II. The firm also started raising its third fund, Squadron Asia Pacific Fund III, L.P., which was registered with the SEC last week.

The deal would be one of the first buyouts of Asia-focused private equity fund of funds manager.

Squadron Capital, which has been investing in Asian private equity funds since 1989, will bring complementary experience and networks to FLAG’s global footprint.

“The structure of the deal, which integrates Squadron Capital’s team into FLAG, will ensure the continuity of management of the two firms’ extensive investments in the region. It will also enable the merged entity to leverage complementary strategies and capabilities in marketing, distribution and back office functions,” said a statement.

David Pierce, CEO of Squadron Capital, will become a FLAG partner.

“Squadron has one of the most experienced private equity fund of funds teams in Asia. We can grow our combined business rapidly, benefiting from highly complementary relationships and business practices,” said Pierce.

Miller’s Search Investment Group will continue to be a significant investor in the combined firm’s Asia and global offerings.

(Edited by Prem Udayabhanu)


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FLAG Capital buys Asia-focused fund of funds Squadron Capital

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