LGT Capital Partners, a global fund-of-funds (FoF), has closed its Asia-Pacific focused vehicle at $373 million. LGT Capital’s Crown Asia-Pacific Private Equity plc will allocate funds to buyout, growth capital and venture funds in the Asian-Pacific region, a release issued by the firm said. The fund has 21 commitments in markets like China, India, Japan as well as in pan-Asian funds.
The investors in the fund are government pension funds, corporate pension funds, insurance companies and foundations. LGT Capital has assets of more than $18 billion under management , and invests in both private equity and hedge funds. LGT Capital had last year acquired KGR Capital, a Hong Kong-based manager of Asian funds of hedge funds.
Currently there are 78 India-focused funds on road in 2009 looking to raise $24 billion, according to data by Prequin. There are about 117 pan-Asia private equity funds – who have India as one of its geographies – on road currently targeting to raise an aggregate capital of $59.2 billion.
There are several Asia-focused FoFs looking at India. HarbourVest Partners, a global private equity fund of funds, is raising a $3 billion fund sixth fund and has a sub-fund for various regions. The corpus for the Asia sub-fund is $500 million.
Asia Alternatives, an Asia focused private equity FoFs, achieved the final close of its second fund at $950 million last year. Other large funds like Partners Group and Rho Funds are also looking at setting up shop in India.