Navis holds $400m first close

The South and Southeast Asia-focused private equity firm is targeting a final close on $1.25bn for Fund VI.

Kuala Lumpur-based buyout firm Navis Capital Partners has raised slightly less than $400 million for the first close of Navis Asia Fund VI, two people familiar with the matter said. The fund held a first close roughly two weeks ago.

Navis is targeting commitments of $1.25 billion for the fund’s final close. The firm declined to comment.

Navis, which specialises in buyouts predominantly in South and Southeast Asia, closed its fifth fund in 2007 with commitments of more than $1 billion. That fund is about 50 percent invested, Nick Bloy, managing partner of Navis, told sister publication PEI Asia in April.

The firm has made 11 investments from Fund V, according to its website. Its most recent deals have been made in India and include a $30 million investment in Edutech, an education company, for a stake for between 55 percent and 80 percent; and an undisclosed investment for the acquisition of a 62 percent stake in Mumbai-based Sah Petroleums, which manufactures automotive and industrial lubricants.

Established in 1998, Navis has an investment team of 54 professionals across offices in Bangkok, Hong Kong, Kuala Lumpur, Mumbai, New Delhi, Singapore and Sydney. Since making its first investment in 2000, the firm has made more than 41 acquisitions.

Navis presently manages assets of about $2 billion.