Axiom Asia gathers $1.4bn for fifth fund

The Singapore-based fund of funds manager also raised $210m for a co-investment fund, bringing the total to $600m more than its original target.

Axiom Asia Private Capital has secured $1.4 billion for its fifth Asia-focused fund of funds vehicle, Private Equity International has learned.

The firm also raised $210 million from investors for Asia Co-investment Fund I, a source with knowledge of the fundraise told PEI.

Axiom declined to comment on fundraising.

The firm began raising capital at the end of November 2017 and had collected $321.5 million from 25 investors by March, according to a filing with the Securities and Exchange Commission. The firm secured commitments above its $1 billion target in July, it is understood.

Investors in the fund include the State Teachers Retirement System of Ohio, which made a $75 million commitment; Montana Board of Investments, which committed $40 million; and Metropolitan Government of Nashville and Davidson County Employees’ Benefit Trust Fund which invested $25 million, according to PEI data.

The target for Axiom Asia Private Capital Fund V is about 30 percent larger than the original $750 million target of its predecessor, which closed on $1.03 billion in January 2017. Fund III closed on $1.15 billion in March 2012, exceeding the initial target of $950 million.

Fund IV delivered a 10.13 percent internal rate of return and 1.09x investment multiple, while Fund III generated a 20.78 percent IRR and 1.81x investment multiple as of 30 June 2018, according to 2 October investment committee documents from Montana Board of Investments.

Capital raised for Axiom’s latest fund will have a lower mid-market buyout focus, as well as growth and venture capital in Asia.