Cathay Capital Private Equity closed Midcap II on $850 million for investments in consumer products and services, business and digital services, healthcare and advanced manufacturing. Fund II is $325 million larger than the first fund, which closed in 2014. To date, Fund II completed four investments, including its first by the firm’s North America team.
Cathay Capital Private Equity (“Cathay Capital” or “Cathay”), a leading international investment platform focused on cross-border investment and committed to supporting the international expansion of middle-market companies in North America, Europe and China has raised $850 million for its private equity fund, Midcap II. Founded in 2007, with offices in the U.S., Europe and China, Cathay Capital has completed over 140 buyouts, growth and venture capital investments. Midcap II represents Cathay Capital’s largest fund to date and an increase of $325 million over its Midcap I fund, which closed in 2014. With the new fund, Cathay Capital will have $3.8+ billion in assets under management.
“This significant increase in assets under management in the current environment reflects the renewed confidence of Cathay’s existing investors, as well as the many new partners attracted by Cathay’s reputation and track record, with a notable addition of international financial institutions,” said Hervé Descazeaux, Managing Partner of Cathay Capital. “Midcap II is particularly timely given the current environment, as Cathay’s considerable global resources and Midcap II’s strong capital base can help our portfolio companies to identify and seize upcoming opportunities.”
Midcap II will invest in 16 to 20 companies in the consumer products and services, business and digital services, healthcare and advanced manufacturing sectors. The new fund will also include an allocation to North America, which is in addition to the previous fund’s allocation to Europe and China. The fund will invest equity tickets of $25 to $75 million in control and minority investments. To date, Midcap II has completed four direct investments, including its first investment by its North American team – a disruptive luxury outerwear company geared toward Millennials and Gen Z consumers.
“The inclusion of North America in the allocation of Midcap II is a natural evolution that leverages Cathay’s deepening presence in North America, a key element of the firm’s globally integrated investment strategy,” said Mark Woods, Partner and Head of North American Private Equity.
Cathay Capital Midcap II was backed by a diverse group of existing and new global investors comprising sovereign wealth funds, institutional investors, corporates, and family offices.
About Cathay Capital Private Equity
Cathay Capital Private Equity is a global investment platform specialized in cross-border development with a focus on Northern America, Asia, Europe and Africa. The group identifies investment opportunities with the potential to impact the world and accompanies portfolio companies in their international expansion through its ecosystem of partners and the local expertise of its near 100 employees based in Paris, Shanghai, Beijing, New York, San Francisco, Munich, Tel Aviv and Singapore. Founded in 2007, the Group has completed over 140 buyouts, growth and venture capital investments and manages $3.8 billion in assets across a range of investment strategies and vehicles.
For more information, please visit www.cathay.fr Follow us on LinkedIn, Twitter @CathayCapital