SVG opens in Singapore, raises $200m debut fund of funds

SVG Advisers has closed its first Asian fund of funds on $200 million (€141 million), exceeding its $150 million target. It has simultaneously opened an office in Singapore, its first in the region, and hired Khim Tan to direct its Asian investment activities.

SVG Asia Fund of Funds attracted commitments from institutional investors in Europe, including $25 million from publicly traded fund of funds SVG Capital, as well as commitments from high net worth individuals in the UK and Ireland. No placement agent was used.

The fund of funds has an over-commitment strategy, enabling it to invest up to $260 million in 12 to 15 growth capital and buyout funds. It held a first close on 21 February and a second close on 9 May, and has made commitments to CVC Asia Pacific’s third fund; Navis Capital Partners’ fifth Asian fund; Affinity Equity Partners’ third fund; and Actis’ third Indian fund.

“While this is SVG Advisers’ first fund solely dedicated to the region, we have solid experience investing in Asian private equity spanning 20 years,” Andrew Williams, SVG Advisers chief executive, said in a statement. He added that there are currently “significant opportunities” in the Asian markets.

Khim Tan

SVG Asia’s investment activities will be overseen Tan from mid-September, while the firm’s Singapore office will by run by marketing director Simon Lund. Lund joined the firm’s precursor, Schroder Ventures, in 1995 and spent two years at Schroder Capital Partners in Singapore.

Tan was previously an associate director for the fund of funds business at Hermes Private Equity, before which he spent seven years with Singapore government-backed GIC Special Investments. He will report to Sam Robinson, an SVG Capital director responsible for the firm’s fund of funds products.

Funds managed by SVG Advisers have committed more than $150 million to Asian private equity funds since 2006, the firm said.