SEAVI Advent, the Asian affiliate of global private equity firm Advent International, has closed its fifth fund, SEAVI Fund V, on $178 million.
While the fund is more than double the size of its predecessor, which closed on $70 million in 2004, it fell short of its $200 million target.
“We felt that we had reached a reasonable size, and decided to close the fund now, in light of the difficult fundraising conditions and also to focus on making investments,” said Hoe Boon Kwee, chief financial officer and partner at SEAVI Advent.
One-third of existing investors from Singapore, Hong Kong and Europe re-upped for the fund. New investors include European institutional investors and Hong Kong family offices.
SEAVI Fund V focuses on growth investments, late stage investments, and mid-market buyouts in sectors such as industrial, technology, oil and gas and green energy across Singapore, Hong Kong, greater China and other Southeast Asian countries.
To date, the fund has invested in a polysilicon company and a construction equipment rental company in Singapore as well as a pipeline business in China, according to Hoe.
Headquartered in Singapore, SEAVI Advent has a presence in Beijing, Shanghai and Hong Kong and has invested more than $500 million in more than 100 companies since 1984.