Navis nears $1.2bn final close

The Kuala Lumpur-based firm has so far raised $1.1bn for Fund VI.

Navis Capital Partners has received commitments of $1.1 billion so far for its latest fund, which it expects to close on $1.2 billion in coming weeks, a source close to the firm has said.

The Kuala Lumpur-headquartered firm had reportedly aimed for an initial target of $1.75 billion for the fund, but reduced it in May 2009.

Navis declined to comment.

Fund VI, which held a $400 million first close in July 2009, has thus far made one deal by way of a $30 million investment in Kuala Lumpur-based cosmetic products distributor Alliance Cosmetics Group. The company is the licensed distributor of Revlon cosmetics and Silky Girl, Malaysia’s largest retail mass market colour cosmetics brand.

Last month, Navis exited its stake in specialty rubber company Linatex to The Weir Group for $172.5 million, netting a return of about 6X including dividends. Navis acquired Linatex from London Stock Exchange-listed Elementis for $30.8 million in November 2005.

Navis makes sector agnostic buyout deals predominantly in South Asia, Australia and Southeast Asia. It closed its fifth fund in 2007 on more than $1 billion. It currently manages approximately $3 billion in assets.

Other current Navis portfolio companies include Thai food processor Golden Foods Siam, fast food chain Wendy’s and oil and gas engineering company Profab.