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The latest fund is the sixth Asian regional private equity fund advised by HSBC Private Equity (Asia). The target size of the fund was $1.25 billion. It has so far invested $175 million in three Asia-based businesses. In 2004, its predecessor fund raised $700 million and is substantially invested in 16 businesses across its core Asian geographies.
George Raffini, managing director of HSBC Private Equity (Asia), says the support of both existing and new investors was crucial during the fundraising process. He notes that the firm has been an active participant in the Asian private equity industry for almost 20 years.
Investors in the latest fund include HSBC, institutional investors from the US, Europe, Asia, the Middle East as well as clients of HSBC Private Bank. The institutional investors include state and corporate pension funds, insurance companies, funds of funds and sovereign wealth funds.
ôNotwithstanding the current challenging economic climate, we continue to be positive about our ability to identify compelling investment opportunities and the longer-term economic growth prospects in Asia,ö says Marcus Thompson, managing director and CIO. ôOur focus will remain on investing in and actively supporting well-positioned, middle-market businesses with excellent management teams and strong growth fundamentals.ö
HSBC Private Equity (Asia) is the Asian private equity arm of HSBC Group. Since its inception in 1988, the firm and its affiliates have raised and managed Asian private equity and venture capital funds with committed capital of around $3.5 billion.
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Actively managed funds were also not found to have better odds of higher returns than more passive funds.