Fundraising of the Year – Large Cap
(Fund size - USD 2bn and above)

Bain Capital Asia Fund V (Bain Capital)

Bain Capital closed its fifth pan-Asian fund on USD 7.1bn in January 2024 after about 14 months in the market. The total – which includes USD 750m from the GP and related entities – exceeded the USD 5bn target and the USD 4.65bn raised for Fund IV. With much of Asia still subject to travel restrictions in 2022, Bain conducted 230 in-person due diligence meetings with investors over the course of three days in Singapore. One-third of commitments came from LPs that participated in those meetings. North America, Asia, and Europe are the largest sources of capital, followed by the Middle East.

Carlyle Japan Partners V (Carlyle)

Carlyle closed its fifth Japan fund in May 2024 at the hard cap of JPY 430bn (USD 2.8bn) after 12 months in the market. It is the largest Japan buyout vehicle ever raised.It also two-thirds larger than Fund IV, which was 80% deployed within three years despite the standard investment period being five years. The larger fund size is intended to enable the manger to act on more opportunities. The average cheque size is expected to be JPY 20bn-JPY 40bn – compared to JPY 20bn for Fund IV – but the strategy remains succession transactions, carve-outs, and take-privates involving upper middle-market companies.

CVC Capital Partners Asia VI (CVC Capital Partners)

CVC Capital Partners closed its sixth pan-Asian fund on USD 6.8bn in February 2024, exceeding the USD 6bn target. The firm, which raised USD 4.5bn in the prior vintage, launched Fund VI in the first quarter of 2022 and reached a first close of about USD 3.5bn by year-end. For the first time, Asian LPs account for the largest share of the corpus in percentage terms. In Fund V, Asia narrowly trailed North America, with both on about 30%. LPs that have disclosed their participation include California State Teachers’ Retirement System, Canada Pension Plan Investment Board, and Oregon State Treasury.

Hahn & Co IV (Hahn & Company)

Hahn & Company reached a final close of USD 3.37bn on its fourth South Korea-focused fund in July 2024. The process, which featured a first close of USD 1.9bn in June 2023, took approximately 24 months, with a small extension to accommodate one LP. The total includes USD 140m for a co-investment sidecar that will size up as required. Fund III comprised USD 2.7bn in core equity and a USD 500m sidecar, with the latter expanding to USD 1.4bn over the life of the fund. The strategy remains carve-outs from family-owned business groups, typically sourced on a proprietary basis.

TPG Asia VIII (TPG Capital)

TPG Capital announced a final close on its eighth flagship Asian fund in May 2024 with commitments of USD 5.3bn. It fell short of the USD 6bn target, despite an extension to the fundraising period, but the fund is still TPG’s largest regional offering to date, surpassing the USD 4.6bn raised for Fund VII. A first close of USD 3.4bn came in November 2022, about 10 months after launch. TPG has consistently emphasised the importance of Australia, India, and Southeast Asia to its PE thesis. India has received over 40% of the capital deployed in Asia over the past five years.