Baring Private Equity Partners, the international private equity asset manager has announced the final closing of the Baring Asia Private Equity Fund II LP at $257m (E265m).
One of the largest private equity funds raised in the region this year, it will invest principally in the North Asian markets of Hong Kong, Taiwan, China, Japan, Korea, India and Singapore.
Says Jean Eric Salata, managing partner of the Baring Asia Private Equity Fund, “In the current environment, this pool of capital has two to three times the purchasing power of money raised a few years ago, so we are optimistic about the opportunity we have to buy business at these price levels”. He believes that the tide has turned in favour of private buyers, given the significant decline of alternative sources of equity and debt funding in Asia. Despite severely depressed market conditions, Christopher Brotchie, chief executive at Baring Private Equity Partners believes that local knowledge coupled with a “strong on-the-ground presence” has proved critical.