CCMP doubles up for new fund(2)

CCMP Capital Asia is reportedly set to start fundraising for its CCMP Asia Opportunity Fund III, just two years after closing its predecessor.

CCMP Capital Asia is almost doubling its deal capacity and targeting $3 billion (€2.2 billion), for its third fund, CCMP Asia Opportunity Fund III, according to Reuters. The previous fund, CCMP Asia Opportunity Fund II, closed in 2005 on $1.6 billion.

Private equity activity in the region has increased substantially – with $48.8 billion invested in 2006, up from $15.6 billion in 2005. So far in 2007, $28.2 billion of private equity capital has been invested in Asia, according to Dealogic.

Founded in 1999, CCMP was a captive arm of US bank JPMorgan in 2005. It re-branded itself as CCMP Capital Asia and has $2.7 billion under management with offices in Australia, China, Japan, Korea and Singapore.

The firm recently bought Yellow Pages in New Zealand with Teachers’ Private Capital for $1.54 billion. It beat KKR and CVC in the auction.