Private equity firm Axiom Asia has raised more than $1 billion for its third Asia fund, according to two sources familiar with the matter.
Axiom, formed in 2007 by former executives of Singapore’s sovereign wealth fund, GIC, mainly invests in private equity funds, but also specialises in secondary private equity deals.
Secondary specialists occupy a unique space in the private equity industry and global players have arrived in Asia, attracted by the region’s maturing funds and global market instability.
The firms buy stakes in private equity funds from investors seeking an exit, take over managing a company or a portfolio of companies held by a private equity firm, or team up with a private equity firm doing a leveraged buyout by offering cash to support a bid.
This is Axiom’s third fund. Its debut fund of $440 million closed in 2007, while the firm raised $950 million for its second fund in 2010.
Last year, Axiom, with HarbourVest, Paul Capital and LGT, was a backer for the startup of NewQuest Capital Partners, which was formed when Bank of America dumped Merrill Lynch’s Asia private equity arm.
The Axiom fundraising was reported earlier by Private Equity International, which said the firm had closed its third fund with $1.15 billion.