KV Asia makes $100m first close

The private equity firm is raising a $250m fund focused on Southeast Asia, having decreased its target size from $500m.

Singapore-based KV Asia Capital has made a first close on its debut fund at “over $100 million”, according to sources with direct knowledge of the matter. KV Asia did not respond to requests for comment. 

The sector agnostic fund will focus on growth capital and early stage deals in Indonesia, Malaysia, Thailand, the Philippines and Vietnam.

KV's co-founders, former Standard Chartered executive Karam Butalia and ex-JPMorgan head of Southeast Asia private equity Vibhav Panandiker, launched the firm in 2010.

The $250 million KV Asia fund was originally targeting $500 million and included a mandate to invest in India, sources confirmed to PE Asia, adding KV Asia to a list of funds that have experienced difficulties when fundraising for the region.

Lombard Investments was planning the first close on its latest Southeast Asia-focused vehicle on $200 million after three years of fundraising, PE Asia revealed earlier. The fund received significant commitments from the Overseas Private Investment Corporation and the International Finance Corporation. 

However, global firms have a renewed interest in Southeast Asia, with Kohlberg Kravis Roberts opening an office in Singapore in October, while The Carlyle Group made its first ever investment in Indonesia, PE Asia reported earlier.