Even as fund-raising becomes tough for most emerging markets fund managers, Capital International Private Equity Funds (CIPEF), the global emerging markets private equity programme managed by Capital International, has closed Capital International Private Equity Fund VI (CIPEF VI) for $3 billion, the largest global emerging market PE fund closed in the past five years. The fund exceeded its $2.5-billion original target.
CIPEF VI targets 15-20 investments and will prioritise on roughly 16 of the 138 emerging market countries in the world. CIPEF has already committed nearly 20% of capital from CIPEF VI into several investments including Africa-based Eaton Towers, a telecom tower development and management company and construction and engineering major Larsen & Toubro?s affiliate L&T Financial Holdings.
The fund had invested 13% of its global allocation in India. The firm invested 1.8% of the total amount in India from its third fund and 11.2% from its fourth fund of $618 million size.
?We have no ?must do? countries or sectors and believe this gives us a meaningful advantage when choosing which portfolio companies we want to partner with,? said Lam Nguyen-Phuong, co-founder and senior managing partner at CIPEF. The fund?s LPs include institutional investors from Asia, Europe, West Asia and North America. CIPEF VI investors include Ohio Public Employees Retirement System, Oregon Public Employees Retirement Fund and Pennsylvania Public School Employees? Retirement System.