Fundraising

Navab Capital Partners has a $3bn target for its inaugural fund, which would be the largest ever debut private equity fund raised by an independent firm.

The firm was founded by two former KKR partners including David Liu, who was co-head of KKR Asia and chief executive of the firm’s China business until 2017.

The firm activated fees on the vehicle in January following a $2.8bn first close in August.

The European tech-focused manager is eyeing more than double the figure it raised for its predecessor vehicle in 2017.

Funds focused on the strategy closed on almost $25bn in the first quarter of this year, the best such period for growth equity since at least 2008.

US managers gathered four of the largest fundraises last month raising almost $11bn among them.

The private equity giant is seeking up to $25bn for its eighth global buyout fund, which has so far raised over $22bn.

Robust performance and a deep pool of opportunities are drawing GPs and LPs alike to commit more capital to the market.

The country’s PE industry gathered a record €18.7bn from investors last year, with foreign LPs contributing nearly half of total capital raised.

Japanese LPs provided 40% of the $650m Fund III, investor relations director Lisa Herrell tells PEI.