Singapore-based Axiom Asia Private Capital Management Services, L.P. has closed its third fund, at US$1.15bn.
Axiom Asia Private Capital Fund III, L.P., which exceeded the initial target of US$950m, will continue its predecessor funds’ strategy of investing in a portfolio of management buyout, venture capital, growth capital and other private equity funds in Greater China, India, Japan, Southeast Asia, Korea and Australia.
While the fund is principally a primary fund of funds, it will also make secondary purchases of fund interests and co-invest in portfolio companies alongside underlying funds.
Fund III is managed by Managing Partners Chihtsung Lam, Yewhong Goh and Edmond Ng, who founded Axiom in 2006.
San Francisco-based Probitas Partners acted as principal placement agent for the fund in conjunction with MAB Partners who represented it in the Middle East, and Brookvine, who placed the fund in Australia.