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Private equity fund of funds Emerald Hill Capital Partners raises $400M

Emerald Hill Capital Partners, a Hong Kong-based private equity fund of funds, has recently raised over $400 million for its third fund—Emerald Hill Capital Partners III fund (EHCP III)—bringing its assets under management to over $1 billion.

EHCP III includes Emerald Hill Capital Partners III, L.P. and Emerald Hill Capital Partners III–A, L.P. The fund reached its first closure in June, 2012.

Endowments and foundations made up for nearly 80 per cent of the firm’s capital.

“We would like to extend our gratitude for the support of our valued investors, as well as our friends in the Asian private equity community,” a spokesperson of the firm said in a press statement.

Emerald Hill is a private equity fund of funds, focused on smaller private equity opportunities in the emerging markets of Asia. The firm focuses on Greater China, the Indian subcontinent and Southeast Asia, with managers in these regions accounting for more than 90 per cent of committed capital across the three funds.

The firm’s second fund closed at $300 million in 2010. About 75 per cent of investors in Fund II invested for Fund III as well.

According to Emerging Markets Private Equity Association’s latest industry statistics, private equity firms raised $6.5 billion through 41 emerging markets funds in the first quarter of 2014, compared with $8 billion in capital raised from the same number of funds in the first quarter of 2013. In Q1 2014, fund managers deployed $5.6 billion across 242 deals, 46 per cent and 13 per cent increases in capital invested and the number of deals, respectively, from Q1 2013.

Recently, Auda International announced a final close on its third global secondaries fund at $332 million, exceeding the initial target of $300 million.

(Edited by Joby Puthuparampil Johnson)

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