CCMP Capital Asia has closed its third fund on $1.2 billion, shy of the $2.5 billion target it set when launching the fund in April 2007, according to market sources.
The firm declined to comment.
The fund’s predecessor, CCMP Capital Asia Opportunity Fund II, closed on $1.6 billion in 2005.
One source familiar with the fundraise said CCMP Capital Asia reduced its target twice during marketing.
A number of investors from the firm’s previous funds did not invest in Fund III, a separate source familiar with the fundraising told PEO. However, the fund still attracted re-ups from influential limited partners including the Washington State Investment Board, which made a $125 million commitment to the fund last year.
CCMP Capital Asia went to market with Fund III at roughly the same time as several other firms raising Asian mega-funds including CVC Asia Pacific, Kohlberg Kravis Roberts, The Carlyle Group, TPG, Baring Private Equity Asia, Morgan Stanley Private Equity Asia and HSBC Private Equity. TPG has since closed its Asian fund on around $4.2 billion, CVC Asia Pacific closed on $4.1 billion, Morgan Stanley closed on $1.5 billion and Baring closed on $1.52 billion.
Founded in 1999, CCMP Capital Asia had been the captive private equity platform of JPMorgan. It later spun out and rebranded as CCMP Capital Asia. The firm now has about $4 billion in assets under management with offices in Hong Kong, Melbourne, Seoul, Shanghai and Tokyo.
It focuses on investments in China, Hong Kong, Taiwan, Australia and New Zealand, Japan, Korea and Southeast Asia. It has also co-invested alongside its New York-based Western affiliate CCMP Capital in a number of companies outside Asia.