Navis wraps Fund VI on $1.2bn

The fund, which held a first close in July 2009, has already made one deal by way of a $30m cosmetic company investment.

Navis Capital has closed its sixth fund on $1.2 billion, according to a statement.

The vehicle succeeds its $1 billion Navis V, which closed in 2007.

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

Placed by Campbell Lutyens, Fund VI held a $400 million first close in July 2009.

The fund has thus far made one deal by way of a $30 million investment in Kuala Lumpur-based cosmetic products distributor Alliance Cosmetics Group.

Alliance Cosmetics is the licensed distributor of Revlon cosmetics and Silky Girl, Malaysia’s largest retail mass-market colour cosmetics brand.

Navis is also in the process of exiting commitments made by its earlier funds. In June, the firm agreed to sell specialty rubber company Linatex to The Weir Group for a consideration of $200 million including debt. The firm's fourth fund acquired the company from US chemicals manufacturer Elementis for $31.4 million in 2005.

Navis makes sector agnostic buyout deals predominantly in South Asia, Australia and Southeast Asia. It currently manages approximately $3 billion in assets.