Malaysia’s COPE nears target for fourth fund – exclusive

Existing investors, mainly Malaysian public pension funds and corporations, have backed the fund.

COPE Private Equity, a Malaysia-focused private equity firm, has raised MYR 275 million ($70 million; €56 million) towards a MYR 300 million target for its fourth fund, Private Equity International has learned.

The firm launched COPE Opportunities 4 in 2016 and held a first close on MYR 200 million in October 2017 and a second close on MYR 275 million in early January this year, a source with knowledge of the fundraising told PEI. A final close is expected by the third quarter of the year.

The fund is almost four times larger than its predecessor, COPE Opportunities 3, a 2013-vintage vehicle that closed on MYR 80 million and is currently being deployed.

The firm’s existing investors, mainly Malaysian public pension funds and corporations, have backed its latest offering, the source added.

COPE Private Equity, previously called CMS Opus Private Equity, typically backs consumer, manufacturing and oil and gas companies in Malaysia.

The firm exited its investment in engineering services company Serba DInamik in January 2018, generating a money multiple of 8.9x and an internal rate of return of 79.2 percent for its investors, the firm wrote on its website. COPE invested MYR 35 million in the company in June 2013 via two of its funds: COPE-KPF Opportunities 1 and COPE Opportunities 2.

COPE Private Equity manages five private equity funds of more than MYR 500 million. As of Q4 2017, MYR 150 million COPE 1 and MYR 61 million COPE 2 have achieved gross IRR of 13.9 percent and 52.4 percent, with realised money multiple of 1.7x and 3.5x respectively.