Navis Capital Partners, a Kuala Lumpur-based buyout fund, has closed on around half of the commitments it seeks for its sixth buyout fund, according to a source familiar with the situation.
The firm seeks to raise between $1 billion to $1.25 billion for Navis Asia Fund VI, which follows the $1 billion Navis Asia Fund V, closed in 2007. Campbell Lutyens & Co. is serving as Navis Capital’s placement agent on the fund.
Navis Capital originally sought to raise $1.75 billion, but pulled back on its target earlier this year, according to a report. Fundraising on the vehicle kicked off in 2008, and the firm has accumulated between $400 million and $550 million in commitments to date, the source said.
CalSTRS has committed $130 million to Navis Capital’s fourth and fifth funds. As of the pension system’s September 2008 report, Navis Capital’s fully drawn fourth fund had an IRR of 22.79%. CalSTRS’s $100 million commitment to Navis Capital’s fifth fund was halfway called down.
In February, Navis Capital invested in ITM Trust, an executive education business. Last year the firm executed three deals: Sah Petroleum, King’s Safetywear, and Theodore Alexander, a home furnishings business.
The firm was founded in 1998 and touts that it has “the largest private equity professional team in Asia,” with 54 professionals in six offices across the region.