CCMP Asia secures $125m from Washington State

In a record year of private equity investment in Asia, Washington State ups its exposure.

The Washington State Investment Board agreed Sunday to commit up to $125 million (€93 million) to CCMP Capital Asia’s Asia Opportunity Fund III.


The board concurrently committed up to $100 million to Endeavour Capital Fund V, and extended its VC advisory contracts for both Pathway Capital Management and Invesco Private Capital.


Fundraising for CCMP’s third fund began in April, and is targeting $3 billion. The fund will almost double CCMP’s deal capacity since the close of its last fund in 2005 on $1.6 billion.


Founded in 1999, CCMP was a captive arm JP Morgan. It later rebranded itself as CCMP Capital Asia and currently has nearly $3 billion in assets under management with offices in Australia, China, Japan, Korea and Singapore.


The firm recently bought Yellow Pages in New Zealand with Teacher’s Private Capital for $1.54 billion. Private equity in Asia has increased substantially in recent months, with $48.8 billion invested in 2006, up from $15.6 billion  in 2005. As of May, $28.2 billion of private equity capital has been invested in Asia this year, according to Dealogic.