Asia-focused fund of funds manager Emerald Hill Capital Partners has closed its second fund on target at $300 million.
Emerald Hill Capital Partners II will invest in venture, growth and buyout-focused funds across Asia, Eugene Choung, one of the firm’s managing directors told PEI Asia. However, its prime focus will be the emerging markets, including China, India and Southeast Asia.
“At the end of the day, we may have around two thirds of our fund in the emerging markets,” Choung said.
Emerald Hill II is “sector-agnostic”, Choung added, stating the firm is simply looking for the funds that are going to yield the best return. First-time managers will be considered for investment, he said, although the firm would like to see a team that has worked together for a long time.
In terms of LPs, endowment funds and foundations make up about 70 percent of the fund’s investor base, according to a statement released by the firm. Other investors include pensions, insurance companies, and family offices in the US and Europe.
Established in 2005, Hong Kong-based Emerald Hill now has more than $500 million in assets under management and a second office in Denver, Colorado. The firm is led by Eugene Choung, who served as head of private equity for the University of Chicago endowment fund before founding Emerald Hill, David Spencer, formerly a senior executive at General Electric in Asia, and Mike Smith, previously head of private equity for the University of Pennsylvania endowments.
Another Asian fund of funds Axiom Asia Private Capital closed its second fund on $950 million in January this year, exceeding its target of $750 million. Headquartered in Singapore, Axiom Asia closed its maiden fund on $440 million in March 2007. The core focus of both funds is on funds investing in Greater China, India and Japan.