Monument Group, the Boston-based placement agent, has opened an office in Hong Kong and is planning to open in Tokyo as well, according to Robert Mast, managing director.
“Asia is growing globally in terms of a capital source for private equity funds and there is interest in the region’s capital base from the US and Europe,” Mast said.
“It’s a competitive necessity to move here. You need people on the ground to show you’re in contact with Asian investors.”
Monument is also finalising an office in Tokyo, he said.
The placement agent engages with institutional investors but family offices, particularly in Asia, are an increasing in importance. The firm is also keeping track of GPs in the region and plans to work on more Asia funds.
Monument has raised 66 funds in the 20 years since its founding, with 37 repeat clients, Mast said. The majority have been private equity and real estate funds. Asian clients have included Australia’s Crescent Capital Partners and Cerberus Capital Management for a Japan-focused fund.
Earlier this year, fund of funds SL Capital Partners, the private equity arm of Edinburgh-based Standard Life Group, also opened a Hong Kong office to better address Asia’s LP base, Private Equity International reported earlier.
“We’re starting to see an increase of interest among Asian LPs who recognise that the European story is one of recovery and are starting to look at the European market to tap into that interest,” SL Capital partner Graeme Gunn told PEI in a previous interview.