Private equity fund of funds Asia Alternatives is selling Asia fund positions valued at more than $800 million as it seeks liquidity from older vehicles, Mergermarket reported.
The portfolio comprises over 20 fund interests in buyout, growth, and venture capital strategies, with a primary focus on China, India, and Japan, as well as some exposure to the pan-Asia region.
Jefferies is advising on the process, which has reached the final bidding stage, according to the report.
The transaction follows the January 2025 launch of Asia Alternatives’s seventh flagship fund, targeting $800 million, per the report. In 2022, it raised $2 billion in commitments across Asia Alternatives Capital Partners VI LP and several fund vehicles.
The report said the current secondary sale includes a buyout and growth portfolio with a net asset value of over $500 million as of the fourth quarter of 2024.
These holdings largely date back to the 2012-2013 vintages. The remaining $300 million in NAV is tied to venture capital funds with a comparatively younger profile.
The report said sellers include a range of Asian investors such as the Hong Kong Jockey Club, China Investment Corporation, and limited partners from Taiwan and Malaysia, with several of their sale processes still underway.
Founded in 2005, Asia Alternatives is one of the largest independent Asian PE fund of funds that focus on Greater China, East Asia, Southeast Asia, and Australia.
The firm is one of the first independently formed Asian private equity fund of funds. It counts US public pension funds, corporate pensions, foundations, insurance firms, and family offices among its limited partners.
Its portfolio is diversified across buyout, growth and expansion, venture capital and special situations funds, as well as direct co-investments and secondaries.
