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Laxman Pai, Opalesque Asia: Though fund managers in South Korea, Japan, and Australia raised more in 2020, it was not a great year for Asia-Pacific fundraising as a whole, said a report.
According to Preqin, private equity & venture capital funds were down a staggering 40% compared to 2019 in terms of capital raised, as COVID-19 forced LPs to pull back on commitments.
Marissa Lee - Senior Associate, Content (Asia Pacific) refers to Preqin data which shows that GPs in the region raised a combined $97bn in 2020, down from $161bn in 2019. Mainland China and Hong Kong were particularly hard hit; capital secured by fund managers based in these two locations fell by 51% and 64% respectively.
But not every country had a lackluster year. South Korea, Japan, and Australia all bucked the global trend to report an increase in fund commitments, the report said.
"In every single case, the headline number was lifted by one or two-billion-dollar funds," says Ee Fai Kam, Head of Asia Research & Data Operations at Preqin. "Korea had the $6.5bn MBK Partners fund that contributed to a third of the year's total, Japan had two buyout funds that exceeded $1bn each, while Australia had a $1.7bn Pacific Equity Partners fund."
The MBK Partners V fund, which closed in May 2020 at its hard cap of $6.5bn after just six months on the road, helped South Korea muscle in ahead of Hong Kong to become the second-largest destination for fund commitments in the region - for the first time sinc...................... To view our full article Click here
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