Singapore-based private equity firm Tower Capital Asia has on Tuesday concluded the final closing of its maiden blind-pool private equity vehicle, TOWER CAPITAL PE FUND I, LP.
A total of $379 million has been raised from pre-eminent institutional investors and family offices globally, surpassing the Firm’s original target of $300 million, Tower Capital Asia said in a statement.
The capital collected comprises $324 million in primary commitments, and $55 million in co-investment commitments.
According to the statement, the fund’s mandate is to invest into a portfolio of sector-leading companies within the business services, consumer, education, healthcare and manufacturing sectors in Singapore and, opportunistically, the rest of Southeast Asia.
To this end, the fund has deployed approximately 40 percent of the capital into three investments since its formation – leading corporate services firm Boardroom Group, ancillary education service provider Indigo Education Group, and English literacy market leader I Can Read Asia.
Post-investment, Tower Capital Asia works closely with portfolio company sponsors and management to rejuvenate business models and drive long-term value creation based on the principles of regionalisation and digitalisation.
“We are extremely grateful to have done well in the fundraise of our maiden fund. The prevailing private equity fundraising environment has been a challenging one, encumbered by global geopolitical tensions and macroeconomic uncertainties,” said Danny KOH, Founder and Chief Executive Officer of Tower Capital Asia.
“Despite these challenges, we gained positive momentum with institutional limited partners, who are increasingly looking for quality managers to partner with in this part of the world,
“Relative to other markets globally, Southeast Asia remains a growth haven with robust fundamentals and an expanding private equity opportunity set,” he added. .
Founded in 2016, Tower Capital Asia is a leading mid-market private equity firm based in Singapore.
The firm has within the last few years cemented its position as a leading Southeast Asian private equity firm with the unique ability to originate highly proprietary mid-market investments not accessible by other market players.
Backed by global expertise and anchored by asian values, the firm has led ground-breaking investments in the privatisation and/or buyout of iconic Southeast Asian businesses, in close partnership with business sponsors.
The companies backed by Tower Capital Asia are typically under half a billion US dollars in enterprise value, and display strong organic growth metrics as well as market-leading potential.
As of September 2022, the firm manages institutional funds across all vehicles totalling nearly $500 million.
Its landmark investments include the S$269 million ($197 million2) delisting of iconic Traditional Chinese Medicine healthcare brand Eu Yan Sang in 2016, and the S$276 million ($204 million3) take-private of Poh Tiong Choon, one of Singapore’s oldest logistics companies, in 2017.
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