Axiom Asia has closed its second Asia-focused fund-of-funds with $950 million in capital commitments. The firm originally targeted $750 million, with Probitas Partners serving as placement agent.
Axiom Asia Private Capital Management Services, L.P. (“Axiom Asia”) today announced the final closing on its second fund, Axiom Asia Private Capital Fund II, L.P. (the “Fund” or “Axiom II”). The Fund’s total investor commitments of US$950 million represent the maximum amount the Fund could raise under agreement with its investors and exceeded the initial target of US$750 million. The Fund was oversubscribed, with firm indications of interest exceeding US$1.1 billion. San Francisco‐based Probitas Partners acted as principal placement agent for the Fund.
Axiom II is the successor fund to Axiom Asia Private Capital Fund I, L.P., Axiom Asia’s first fund, which had US$440 million of investor commitments and commenced investing in 2006. The Fund will invest 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. The Fund will typically target investments of up to US$100 million per invested fund and will also target select investments in secondary fund interests and portfolio companies alongside invested funds.
The Fund is managed by one of Asia’s largest and most experienced private equity fund of funds investment teams led by Yewhong Goh, Chihtsung Lam, and Edmond Ng. Collectively the Axiom Asia team has invested about US$6 billion to private equity globally since 1994 and has experience investing through market cycles.
Five of the ten investment professionals at Axiom (Goh, Lam, and Ng as well as Marc Lau and Chris Loh) had previously worked together at GIC Special Investments, the private equity arm of the Government of Singapore Investment Corporation. Other senior investment professionals at Axiom include Alex Sao‐Wei Lee (previously with Coller Capital) and Olivia Tan (previously with McKinsey & Co). The team comprises native Asians with over 70 years of combined private equity experience.
“Our fundraising traction is a reflection of investors’ positive view of the Asian private equity market, Axiom’s team and the performance of Axiom’s first fund. Our experience investing over various cycles like the 1997/98
Asian financial crisis helped us to build up a well‐diversified portfolio of differentiated funds, which has stood up well despite the global economic crisis.” said Yewhong Goh, a Managing Director at Axiom Asia.
“We are grateful to our existing investors, who supported us during a difficult period. 98% of Axiom Asia’s existing investor relationships from Fund I are represented in Axiom II,” added Chihtsung Lam, another Managing Director. “We are also appreciative of the support of our new investors who collectively invested over US$400MM in Axiom II.”
“We are delighted by Axiom Asia’s success in raising a second fund, essentially over the period of the global recession,” said Jack Wills, a Principal at Probitas Partners who worked with Axiom Asia on the fundraising. “Axiom Asia is an exceptional organization with compelling investment expertise in Asia, an area of growing investor interest. We congratulate them on their achievement.”
About Axiom Asia Private Capital
Axiom Asia, founded in 2006, is an independent investment firm focusing on fund investments in buyout, venture capital and growth capital opportunities in the Asia Pacific Region. The firm is headquartered in Singapore and manages approximately US$1.4 billion in LP capital. For more information, please visit www.axiomasia.com.