L Catterton to raise $1.25bn for Asia fund 3

The firm’s latest offering is significantly larger than its $950m predecessor.

Consumer-sector focused private equity firm L Catterton Asia is looking to raise $1.25 billion for its third Asia-focused fund, according to a 2 June filing with the US Securities and Exchange Commission.

It is unclear whether the amount is the target or the hard-cap and the firm has yet to register capital for L Catterton Asia 3.

A spokesperson for L Catterton Asia, the Asian private equity unit of LVMH Moët Hennessy Louis Vuitton, the French luxury group, declined to comment on fundraising.

Its predecessor L Capital Asia II, which closed on $950 million against a $800 million target in 2014, is still being invested, according to PEI data. The firm’s first Asia buyout fund, L Capital Asia, attracted $637 million in commitments in 2010.

L Catterton Asia targets investments in retail, media and entertainment, fashion, beauty and F&B.

The firm has 26 investments in its Asia portfolio, of which five have been exited. Among its current investments include Korean cosmetics brand CLIO Cosmetics, Australian swimwear brand Seafolly, Taiwanese skincare brand Dr. Wu, and Chinese media company Asiaray Media Group.

L Catterton Asia, formerly known as L Capital Asia, was launched in 2009 and manages over $1.6 billion across two private equity funds and over $2 billion including co-investments. It has offices in Singapore and Mauritius, with regional advisory presence in Hong Kong, Mumbai, Shanghai and Sydney.

In August last year, the firm hired Louis Vuitton Australia’s former chief executive Philip Corne to head its operations in Sydney. Come became executive chairman at L Catterton as the firm expects to ramp up investments in Australia.

MVision and JPMorgan act as placement agents. Mourant Ozannes is the financial advisor.