Singapore-based Asia Growth Capital Advisors (AGCA),a private equity firm, has acquired of a portfolio of private equity investments in Asia from Credit Suisse, its affiliates and other investors in Credit Suisse Private Equity Asia Partners, L.P. AGCA worked with HarbourVest Partners, which was the lead investor in the transaction.
Asia Growth Capital Advisors (“AGCA”), announced today the acquisition of a portfolio of seasoned private equity investments in Asia from Credit Suisse, its affiliates and other investors in Credit Suisse Private Equity Asia Partners, L.P. (“CSPEA”).
AGCA worked with HarbourVest Partners, LLC (“HarbourVest”), the lead investor in this transaction. HarbourVest has a long history of private equity investing in the region with deep experience in executing complex portfolio transactions of this nature. In addition, Axiom Asia Private Capital (“Axiom Asia”), which has a focus on private equity investing in the Asia Pacific region, helped to underwrite and consummate the transaction.
AGCA is a Singapore based private equity firm, that focuses on opportunities in India and South East Asia. The firm was founded in 2010 by Harjit Bhatia and Soma Ghosal Dhar, formerly Chairman & Managing Partner and Partner respectively at CSPEA. Mr. Bhatia has over 38 years investing experience in Asia Pacific region across private equity, industrial lending, corporate finance and investment banking areas from his prior times with General Electric Company, Deutsche Bank, State Bank of India and Ritchie Capital in various leadership roles. Ms. Ghosal Dhar has over 15 years of private equity investing experience and was most recently a Partner at CSPEA where she was responsible for originating and advising on private equity opportunities in India. Ms. Ghosal Dhar’s prior experience also includes stints at Ritchie Capital Management and GE Equity.
On this transaction, the founders of AGCA, said, “We are very excited about this partnership with HarbourVest and Axiom Asia which will enable AGCA to continue providing its advice to the portfolio companies and help them grow. Furthermore, this partnership, in the future, will allow AGCA to provide a platform for liquidity and secondary solutions to existing private equity investors in Asia, specifically in India and South East Asia”.
Tim Flower, a Principal at HarbourVest’s Asia affiliate, commented, “We are very pleased to work with AGCA on this transaction. We see a significant opportunity to acquire, restructure and support existing private equity portfolios in India and South East Asia and expect to work together with the team at AGCA in the future on similar secondary direct deals.”
Alex Sao-Wei Lee, Partner and Head of Secondary Investments at Axiom Asia, recounted, “We are very pleased to be working with AGCA on this transaction and look forward to a successful partnership with them.”
About the Limited Partners
HarbourVest Partners, LLC is an independent global private equity firm that invests in venture capital, buyout, mezzanine debt, and distressed debt through primary partnerships, secondary purchases, and direct investments. Since 1986, HarbourVest has been a leading buyer of private equity assets, acquiring $9 billion of assets in over 350 deals of all stages, types, vintages, and geographies and working with many types of sellers, including financial institutions, corporations, pension plans, governmental entities, endowments, and family offices. This flexibility enables HarbourVest to offer sellers of private equity comprehensive liquidity solutions. The firm’s clients consist of 300 institutional investors, including pension funds, endowments, foundations, and financial institutions throughout the U.S., Canada, Europe, Australia, Latin America and Japan. As part of its track record of secondary direct transactions in Asia, HarbourVest also co-led the spin out of the Bank of America Merrill Lynch private equity portfolio in 2011 and is the single largest investor in that transaction. To learn more, please visit www.harbourvest.com .
Axiom Asia is an independent private equity fund of funds manager focusing on primary fund investments, secondary purchases and co-investments in buyout, venture capital and growth capital opportunities in the Asia Pacific region. With 11 investment professionals based in Singapore, Axiom Asia has one of the largest and most experienced teams dedicated to private equity fund investing in Asia. An active buyer of Asian secondary interests, Axiom Asia has provided efficient liquidity solutions for global investors across a variety of secondary transactions involving Asian assets, from fund positions to portfolios of direct investments.