Fundraising of the Year – Mid Cap
(Fund size - below $2 billion)

Advantage Partners VII (Advantage Partners)

Two-and-a-half years and 11 buyouts after closing its sixth Japan buyout fund, Advantage Partners returned to market in September 2022 – somewhat earlier than expected – seeking JPY 120bn (USD 879m) for Fund VII. A first close of JPY 100bn came within three months. The final close, delayed until April 2023 to fit in with the annual budgets of some Japanese LPs, took the total to JPY 130bn. Almost all investors, foreign and domestic, were cut back and there was space for only a handful of new relationships. The foreign-domestic split is 50-50, the same as for the JPY 85bn Fund VI.

ChrysCapital IX (ChrysCapital Partners)

ChrysCapital Partners closed its ninth fund at the institutional hard cap of USD 1.25bn in December 2022. The GP commitment took the total to USD 1.4bn. It is the largest India-focused private equity fund ever raised. ChrysCapital raised USD 867m for Fund VIII in four months and warehoused it because Fund VII wasn’t fully deployed. Fund IX launched in late 2021 and the LP base was effectively finalised after six months. However, the period earmarked for warehousing was in fact spent helping a couple of investors complete their paperwork. Two deals were completed within six months of activating Fund IX.

Dymon Asia Private Equity Fund III (Dymon Asia Private Equity)

Dymon Asia Private Equity (DAPE) closed its third Southeast Asia middle market private equity fund at a hard cap of USD 650m in September 2022, beating a target of USD 550m. The fundraising process took just over five months, but most commitments were wrapped up within three months. DAPE closed Fund II on USD 450m. Existing LPs were willing to re-up to the same amount and the remaining capacity was heavily oversubscribed. While much of the capital for Funds I and II was raised out of Asia, European and North American investors are a more significant presence in Fund III.

Growtheum Capital Partners SEA Fund I (Growtheum Capital Partners)

Growtheum Capital Partners closed its debut fund in August 2023 on USD 567m. Though short of a mooted target of up to USD 750m, this is the largest first-time private equity fund focused mainly on Southeast Asia (there will also be selective investments in India). A first close of around USD 400m came in early 2022, chiefly from corporates and high net worth individuals. Institutional investors – including sovereign wealth funds, development finance institutions, pension funds, and endowments – were brought into the final close. There was no roadshow and Growtheum declined to provide references, asking LPs to tap their own networks.

Pacific Equity Partners Secure Assets Fund II (Pacific Equity Partners)

Pacific Equity Partners (PEP) closed its second secure assets fund – which pursue opportunities that generate infrastructure-like annuity income yet offer opportunities for PE-style operational improvement – on AUD 1.4bn (USD 949m) in March 2023. The Australia and New Zealand-focused vehicle launched in March 2022 with a target of AUD 1bn. PEP raised AUD 660m for Fund I, including AUD 300m in committed co-investment. The number of participating LPs rose 1.5x in Fund II, while the average commitment size grew 2.5x. The LP base is also more globally balanced than Fund I, which relied heavily on investors from Australia and New Zealand.