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Photo Credit: Satyakam Banerjee/VCCircle

Private equity firm L Catterton floats $1.25 bn Asia fund

07 June, 2017

Singapore-based L Catterton Asia, one of the largest consumer-focussed private equity firms globally, is raising a new Asian fund, according to a regulatory filing.

The firm, formerly known as L Capital Asia, is looking to raise $1.25 billion for the fund, it said in a disclosure to the US Securities and Exchange Commission (SEC).

L Catterton was created last year when French luxury goods conglomerate LVMH combined its PE business held under L Capital Asia with consumer-focussed PE firm Catterton.

The PE firm aims to invest between $50 million and $150 million in middle-market growth companies across Asia, its website shows.

L Catterton Asia is going to the market at a time fundraising in Asia is seeing an upswing. Last week, global private equity giant KKR said it had raised a record $9.3 billion for its new Asian fund. Earlier this year, Carlyle said it was raising a new $1 billion growth fund for India and China.

This may also be L Catterton’s largest Asian fund so far. In its former avatar, L Capital Asia 1 closed a $640 million fund in 2011 and L Capital Asia II closed a $950 million offering in 2013.

India investments
The fundraising also comes at a time when the PE firm is showing a revival of interest in India. VCCircle reported last week that the PE firm was close to investing in a restaurant chain operator in its first Indian deal in almost five years.

L Capital had stopped investing in India for a few years, choosing to just manage its India portfolio.

Its last deal in India was in 2012, when it invested in GLF Lifestyle Brands Pvt. Ltd, according to VCCEdge, the data research arm of VCCircle.

In the intervening years, it has exited a few investments. It exited ethnic retailer Fabindia late last year. In 2015, it had exited PVR Ltd, the country’s largest multiplex chain operator; and PVR Leisure, the mall entertainment and gaming arena arm of PVR. It has also invested in apparel retailer Genesis Luxury among its Indian portfolio firms. Genesis Luxury’s parent, Genesis Colours, is seeking to refile draft papers for listing, as previously reported.

L Catterton global funds
Globally, the parent group was formed by merging Catterton, the PE arm of LVMH and Groupe Arnault, the family holding company of Bernard Arnault, as per a January 2016 disclosure.

The group has six separate fund platforms, according to its website. These include its flagship L Catterton buyout fund focussed on North America and Europe, L Catterton North American growth fund, L Catterton Latin America, L Catterton Europe, L Catterton Asia, and L Catterton Real Estate, according to its website.

In November 2016, L Catterton said it had closed its eighth flagship buyout fund, L Catterton Partners VIII LP, at $2.75 billion.

The L Catterton group aims to grow its assets under management to more than $12 billion after various successor funds are closed, it said in January 2016.

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Private equity firm L Catterton floats $1.25 bn Asia fund

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