Asia-focused Clearwater Capital Partners has collected approximately $200 million for its fourth fund, according to a source familiar with the matter. The firm is anticipating collecting roughly another $100 million by the end of the month, the source said.
The fund's target amount could not be determined at press time. Fund IV's predecessor fund was launched with a $500 million target and eventually collected $900 million in 2007, exceeding its $850 million hard-cap.
Greenhill & Company is acting as exclusive placement agent for the fund.
Limited partners in Fund III include state and corporate pension funds – the California Public Employees Retirement System – fund of funds, endowments, foundations, insurance companies and family offices in the US, Asia and Australia.
New York-headquartered Clearwater’s mandate includes special situation investments in public and private debt or equity of local issuers across Asia, excluding Japan. It focuses primarily on India, South Korea, China and Australia, as well as Southeast Asia.
Clearwater was founded in 2001 by Robert Petty and Amit Gupta, both of whom had previously worked at Amroc Investments, and third co-founder Bruno Beuque. The firm has offices in New York, Beijing, Hong Kong, Mumbai, Munich, Seoul, Hanoi and Singapore.
A previous version of this article incorrectly stated the fund's target size and commitments raised to date. Private Equity International regrets the error.