Asia Alternatives Management LLC, one of the largest independent Asian private equity fund of funds, announced that it had closed its new funds with over $1.5 billion in investor commitment.
Asia Alternatives Capital Partners III (AACP III), an LP fund with a target of $800 million, closed at $908 million, succeeding AACP II, which closed in September 2008, and AACP I, which closed in May 2007. Other new fund vehicles totalled approximately $600 million, taking the total new fund commitments to more than $1.5 billion.
Founded in 2006, Asia Alternatives invests in Greater China, Japan, Korea, South-east Asia, India and Australia, and across buyout, growth, venture capital and special situations funds. Since its inception, the firm has invested in 36 managers across Asia. Some of the fund managers that Asia Alternatives has backed in India include CX Partners, ChrysCapital and Tano Capital.