Advent International’s Asian affiliate, SEAVI Advent Corporation Limited (SEAVI Advent), has announced the final closing of its fourth fund, the SEAVI Advent Equity IV Fund Limited Partnership and its associated parallel funds (collectively known as “Fund IV”). Total capital under management for Fund IV is US$70 million. Fund IV is supported by commitments from several institutional investors including the Development Bank of Singapore; TIF Ventures of the Economic Development Board of Singapore; DEG, the German development bank; HB Capital Venture from the Ho Bee Group; Juniper Capital Ventures (Pte) Ltd from Engro Corporation Limited (previously known as SsangYong Cement (Singapore) Limited; Fortis Private Equity Group, the Belgium Fortis Bank; Feri Trust Wealth Management from Germany and Shun Hing Private Equity, the Shun Hing Group of Hong Kong.
In May 2005, SEAVI Advent achieved its final closing for Fund IV at US$70 million, with investors from Asia and Europe. In this round of funding, we are fortunate to receive support from both existing investors of previous funds as well as new investors who are establishing a first time relationship with SEAVI Advent. With our existing team of 11 professionals in 4 offices of Singapore (regional Headquarter), Hong Kong, Kuala Lumpur and Shanghai, Fund IV will continue to implement SEAVI Advent’s successful investment strategy.
SEAVI Advent has track record in executing private equity investments in strategic markets such as Singapore, Malaysia and Greater China. SEAVI Advent specializes in middle market buyout and later stage expansionary capital. Its key sector focuses are electronics manufacturing, telecommunications/media/technology, logistics/distribution services and financial services. Past investments in these sectors include Speedy Tech Electronics (listed in Singapore Stock Exchange in January 2004), Li & Fung Distribution (now IDS Logistics listed in Hong Kong Stock exchange in December 2004) and CCT Telecom (listed in Hong Kong Stock Exchange) and MBF Cards (Malaysia).
Since the first closing, SEAVI Advent has invested in two companies – An expansion capital investment in Dynamic Colors, a Singapore company with extensive operations in Suzhou, China that is involved in the manufacturing of resin for colour compounding; and a middle market buyout investment in SL Packaging, a manufacturer of plastic packaging materials that is based in Singapore.
Tan Keng Boon, Managing Partner of SEAVI Advent, said: “We are very glad that our existing as well as new investors supported the current private equity program. We continue to see attractive growth opportunities in China that will allow us to make good investment returns. With the final closing of Fund IV, our investment pace will increase as we leverage our extensive resources in finding and backing overseas Chinese entrepreneurs in building regional and international operations. We will also be working closely with Advent International, our strategic partner, and continue to seek for bigger buyout opportunities in Asia.”