SEAVI Advent Private Equity (SEAVI Advent), has announced the 1st closing of its sixth fund, SEAVI Advent Equity VI Fund (“SEAVI Fund VI”).
The Fund raised US$125 million in this initial close from high net-worth individuals, corporate institutions and family offices. SEAVI Advent partners also made a strong commitment of US$10 million into the Fund.
SEAVI Advent will continue to reach out to existing and new investors, mostly based in Singapore, Hong Kong, Taiwan, the Netherlands, Switzerland, Germany and the United Kingdom. It will close the Fund towards the end of the year with a hard-cap amount of US$200 million. The preceding SEAVI Fund V had raised US$178 million in 2008.
Continuing with the successful strategy of its predecessor funds, SEAVI Fund VI will principally focus on private equity investments in China, Singapore, Indonesia and Malaysia. The Fund will invest into 10 -12 opportunities, mainly in high growth, profitable and later-stage companies. Sectors covered will include the environmental engineering, industrial, healthcare, business services and consumer-related businesses.
SEAVI Advent has a group of partners with many years of private equity experience, headed by Co-Managing Partners, Mr. Tan Keng Boon and Mr. Derrick Lee, who have worked together since 1985. A dedicated team based in Hong Kong and Shanghai sources for investment opportunities in China and Hong Kong while the teams based in Singapore searches for suitable deals in Singapore, Indonesia and the surrounding region. With the deal operational experiences built up over the years, these teams will add value to portfolio companies through operational improvements, strategic repositioning and market expansion both domestically and internationally. The firm will also share its experience and assist the portfolio companies to list on most suitable stock exchanges in Singapore, Malaysia, Indonesia, China, Hong Kong, Taiwan or the United States.
“We are encouraged by the strong support received from investors, given the challenging fundraising environment.“ said SEAVI Advent’s Chief Executive and Managing Partner, Mr. Tan Keng Boon. “Other than for one bank-related investor which had decided to exit all its private equity as a policy, all our present limited partners from Asia have recommitted into this Fund, with half of them increasing their investment amounts. We believe our geographical area of focus will continue to offer compelling investment opportunities given the high growth, entrepreneurial environment and SEAVI Advent’s proven track record in creating value both for our investees as well as for our limited partners.”
About SEAVI Advent Private Equity
SEAVI Advent Private Equity, the Asian affiliate of Boston based private equity firm Advent International Corporation, is one of the first private equity and venture capital firms to operate in the Asia Pacific region with a 30-year history since 1984.
The firm has invested over US$500 million into more than 110 Asian companies, including 42 portfolio companies listed and exited through initial public offerings in the various stock exchanges in Singapore, Hong Kong, China, Malaysia, Indonesia, Thailand, Philippines and in the United States.
SEAVI Advent has been instrumental in delivering value for many of its portfolio companies, which included Yangzijiang Shipbuilding (Holdings) Ltd, Speedy-Tech Electronics Ltd, Li & Fung/IDS Logistics, Amtek Engineering Ltd and Venture Corporation Ltd.