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Private Equity

CVC Capital secures $6.8B for 6th Asia fund

The Asian fundraise comes less than six months after the firm’s record flagship fundraise.

CVC Capital Partners has reached a $6.8 billion close on its sixth Asian fund, less than a year after it raised a record $29 billion for a flagship fund.

The fund is 50% bigger than its predecessor, which closed on $4.5 billion in 2020, and is CVC’s largest vehicle targeting the region to date. It is also the ninth-largest Asia-focused buyout vehicle on record, according to PitchBook data, and comes just three months after Bain Capital secured $7 billion for its fifth Asian fund.

Both funds closed in a climate of PE fundraising in Asia slowing considerably—stymied partly by poor US-China relations. Last year, just 77 Asian PE funds secured $37.4 billion altogether, with total capital raised falling for the second year in a row, PitchBook data shows. By contrast, 2021’s 223 funds raised $91.1 billion.

Luxembourg-headquartered CVC was one of the first European firms to establish operations in Asia, investing in the region since 1999. Its most notable recent deal was its $1.2 billion acquisition of Japanese pharmacy operator Sogo Medical Group from Polaris Private Equity. The December investment was made via CVC Asia V, which had a net IRR 23.2% as of Q2 2023.

Featured image of Singapore by John Seaton Callahan/Getty Images

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