Axiom Asia Private Capital Management Services said late Monday that it has closed its third fund with $1.15 bilion in total commitments. The fund, Axiom Asia Private Capital Fund III LP, exceeded the initial target of $950 million. Fund III will continue its predecessor funds’ strategy of investing in a portfolio of management buyout, venture capital, growth capital and other private equity funds in Greater China, India, Japan, Southeast Asia, Korea and Australia. Probitas Partners acted as principal placement agent.
Axiom Asia Private Capital Management Services, L.P. (“Axiom Asia”) today announced the first and only closing of investors in its third fund, Axiom Asia Private Capital Fund III, L.P. (the “Fund” or “Axiom III”). The Fund’s total investor commitments of US$1.15 billion exceeded the initial target of US$950 million. Axiom Asia Private Capital Fund I, which made its first investment in 2006, raised $440m of investor commitments. Axiom Asia Private Capital Fund II also closed at its hardcap of US$950 million of investor commitments, and commenced investing in January 2009. Axiom III will continue its predecessor funds’ strategy of investing in a portfolio of management buyout, venture capital, growth capital and other private equity funds in Greater China, India, Japan, Southeast Asia, Korea and Australia. While Axiom III is principally a primary fund of funds, the Fund will also make secondary purchases of fund interests and co-invest in portfolio companies alongside underlying funds.
The Fund is managed by one of Asia’s most experienced private equity funds-of-funds investment teams, led by its founders and Managing Partners Chihtsung Lam, Yewhong Goh and Edmond Ng, who founded the firm in 2006. Members of Axiom Asia have committed (on behalf of their respective prior organizations and in Axiom Asia) nearly $7.5 billion to private equity globally since 1994 and have experience investing through multiple market cycles. Five of the ten investment professionals at Axiom (Goh, Lam, and Ng as well as Marc Lau and Chris Loh) had formerly worked together at GIC Special Investments, the private equity arm of the Government of Singapore Investment Corporation, while Alex Sao-Wei Lee joined from Coller Capital.
“Given the challenging fundraising environment and uncertain global macroeconomic outlook, we are pleasantly surprised by the strong support from both existing and new investors, which enabled us to do one and only closing of the Fund around 4 months from the launch of our fundraising. This is an endorsement of our team, our investment strategy and our track record from Axiom Fund I and Fund II”, said Yewhong Goh.
“Although we received a total of approximately $1.4 billion in firm indications, we decided to hardcap the Fund at $1.15 billion”, added Chihtsung Lam. “This will allow us to continue with our small to mid market fund selection focus. Our ability to generally write $30-60m cheques, and up to $100m cheques in exceptional instances, will enable Axiom to continue to be among the leading investors for such GP Groups.”
“We would like to thank our portfolio General Partners, without whose strong performance such an expeditious fundraise would not have been possible”, said Edmond Ng, Axiom’s third founder and managing partner.
San Francisco-based Probitas Partners acted as principal placement agent for the Fund in conjunction with MAB Partners who represented the Fund in the Middle East, and Brookvine, who placed the Fund in Australia.