LGT closes $373m Asia Pacific fund of funds

The first such fund raised by the Swiss alternative fund manager was targeting a $400m final close.

European alternative asset manger LGT Capital Partners has held a final close on its Asia Pacific fund of funds, having raised $373 million.

The fund started marketing in the summer of 2007, with a target of $400 million. It will be used to allocate capital to funds in the Asia Pacific region covering buyout, growth capital and venture strategies. The fund has already made 21 commitments across China, India and Japan as well as in pan-Asian funds.

The fundraise follows “a significant expansion” of the firm's Asia Pacific team, Tycho Sneyers, an LGT partner, said in a statement. LGT's Hong Kong office now has 20 employees managing the firm's Asia-focused private equity and hedge fund investments.

“The manager universe in Asia numbers more than 1,000 firms and with Crown Asia Pacific Private Equity, we make commitments to the most promising local teams as well as to a balanced selection of pan-Asian funds,” Ivan Vercoutère, a partner at LGT, said in a statement.

LGT Capital Partners is based in Pfaeffikon, Switzerland with affiliated offices in New York, London, Dublin, Hong Kong and Tokyo. It has committed more than $12 billion to more than 400 private equity funds in Europe, North America, Asia and Australia since it was established in 1997.