SVG Advisers Raises Asia Fund-of-Funds

SVG Advisers has closed an Asia-focused fund-of-funds with $200 million in capital commitments. It also announced that Khim Tan, formerly of Hermes Private Equity, is joining the firm as head of Asia Fund Investing.

Press Release

SVG Advisers (SVGA), the private equity fund management and advisory business of SVG Capital, is pleased to announce that it has successfully closed the SVG Asia Fund of Funds (SVGAFOF) raising a total of US$200 million, exceeding its target of US$150 million. In addition, SVGA also announces that Khim Tan will be joining the business as Head of Asian Fund Investment mid-September 2008, reporting to Sam Robinson, Director, Private Equity. Both announcements coincide with the official opening of SVGA’s first Asian office in Singapore, headed up by Simon Lund.

SVGAFOF will invest in a diversified portfolio of private equity funds across the region, targeting managers with an established presence and track record. Like other SVGA managed fund of funds, SVGAFOF will have an over-commitment strategy enabling the Fund to commit up to US$260 million to 12 to 15 funds. Commitments have already been made to CVC Capital Partners Asia-Pacific III, Navis Capital Partners Asia V, Affinity Equity Partners III and Actis India III. Underlying portfolio investments will include growth capital and buy-out transactions.

SVGAFOF has received commitments from leading institutional investors in Europe, including US$25 million from SVG Capital, as well as HNW individuals in the UK and Ireland.

The appointment of Khim Tan will see him responsible for the analysis of Asian private equity investment opportunities. He will spend several months in the London office before relocating to Singapore.

Khim joins SVGA from Hermes Private Equity where he was an Associate Director of the fund of funds team. During his time at Hermes, Khim was responsible for developing the firm’s investment strategy for Asia. Prior to this, he spent seven years with GIC Special Investments, latterly as Assistant Vice President for the Europe Private Equity Group in London.

Commenting, Andrew Williams, Chief Executive of SVG Advisers, said: “While this is SVG Advisers’ first fund solely dedicated to the region, we have solid experience investing in Asian private equity spanning 20 years. We believe the current Asian market presents significant opportunities for investors and the successful fund close reflects their confidence in SVG Advisers’ ability to select leading private equity managers.

“We are also delighted to welcome Khim on board. His wealth of experience and regional knowledge will be invaluable as SVG Advisers continues to grow its international presence and product base.”

SVGA-managed products have committed over US$150 million to Asian private equity funds since 2006. SVGA is also a founding member of the Emerging Markets Private Equity Association (EMPEA).

SVGA advises vehicles with funds under management and commitments to private equity of over €4.4 billion1.