Asia Alternatives has closed its fourth fund-of-funds, along with a side vehicle focused on investments outside of Japan, on $1 billion. The funds beat their initial $750 million target.
Total capital raised across various related funds, including the fourth flagship fund-of-funds, came in at more than $1.8 billion, the firm said in a statement. Eaton Partners worked as placement agent.
About 80 percent of Asia Alternative’s existing LPs re-upped into Fund IV and related vehicles, the firm said. LPs include the Florida State Board of Administration, Jasper Ridge Partners, New York State Common Retirement Fund, San Francisco City and County Employees’ Retirement System and the University of Missouri.
Asia Alternatives last raised a total of $1.5 billion across Asia Alternatives Capital Partners III and related funds. Fund III was generating a 1.08x total value multiple as of Sept. 30, 2014, according to alternative assets data provider Bison.
The firm invests in Greater China, Japan, Korea, Southeast Asia, India and Australia and targets buyout, growth, venture capital and special situations funds.
Photo of Asia Alternatives co-founder Melissa Ma courtesy of Asia Alternatives