Navis Capital hones in on Malaysia

The Malaysia-based firm is raising its first fund focused solely on its home market.

Malaysian private equity firm Navis Capital Partners is in the preliminary stages of raising a MYR 750 million ($182 million; €164 million) Malaysia-focused vehicle, Private Equity International has learned.

The new fund will be its first focused solely on Malaysia and will invest in local mid-market companies. The manager aims to hold a final close by the end of the year.

Navis declined to comment on the fundraising.

The firm focuses on private equity investments in South-East Asia and manages approximately $5 billion. It has made about 70 investments, half of which have been exited.

It had recently invested an undisclosed sum in Hong Kong-headquartered footwear company Texon. In February this year, it sold Australian education company Guardian Early Learning Group to Swiss investment firm Partners Group, valuing the company at A$440 million ($308 million; €282 million), the firm said.

In the same month, Navis announced it exited its investment in Thailand’s Golden Foods Siam, generating a 3.3x return multiple and a 24 percent internal rate of return, as reported by PEI.

Other investments the firm has made include paper solutions chemical company Amazon, cosmetic brand SilkyGirl and cold-chain equipment company Dometic Medical.

Navis Asia Fund VII, its latest buyout vehicle closed at around $1.5 billion in 2015.

Navis’ earlier funds have secured commitments from the Employees Provident Fund of Malaysia, Employees Retirement System of Texas, Maryland State Retirement and Pension System, Switzerland-based Spice Private Equity and Munich Private Equity Partners, according to PEI Research & Analytics.