CVC Capital Partners Ltd’s fourth Asian fund is looking forward to significant investments from Japan Bank for International Cooperation and Sumitomo Mitsui Trust Bank. The firm initially hoped to raise around $3 billion, having recently secured $3.3 billion from investors for its latest Asia fund, which began its campaign last year.
JBIC’s investment will be its first in a traditional private equity buyout fund, likely a result of increased interest overseas as home markets struggle. According to a statement from the bank, it will invest up to $50 million in the fund. Sumitomo Mitsui Trust Bank agreed to a similar investment in a separate statement.
CVC, a London-based fund, plans to invest the fund in companies throughout the region, including Malaysia, the Phillippines, Indonesia and China.
“Having JBIC as a partner will raise CVC’s profile in Japan, and potentially help CVC to sell portfolio companies to Japanese investors,” a source said.
CVC’s 2008 Asia fund was $4.12 billion.