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A Bathing Ape’s main shareholder CVC Capital closes its 6th and largest Asia fund, shrugging off global economic woes

  • Private equity firm’s new US$6.8 billion fund was oversubscribed despite geopolitical uncertainties
  • CVC’s new Asia fund will invest primarily in the consumer and services sectors across the region

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CVC Capital’s portfolio in the region includes A Bathing Ape, a Japanese streetwear brand active across 23 countries worldwide. Photo: Shutterstock
Yuke Xiein Beijing
Private equity firm CVC Capital Partners said it has closed its sixth and largest Asia fund to date, shrugging off a challenging geopolitical and macroeconomic environment that has put a dent in fundraising and led many global fund managers to cut their exposure to the region.
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The CVC Capital Partners Asia VI (“Asia VI”) fund, with US$6.8 billion in commitments, exceeded the size of its predecessor, Asia V, by over 50 per cent. Asia V closed in 2020 at US$4.5 billion, according to the fund manager.

Asia VI initially aimed to raise US$6 billion, and the oversubscription was thanks to “strong demand from new and returning blue chip investors,” the Luxembourg-headquartered fund manager said in a press release on Wednesday. With the new fund closed, the total amount CVC Capital has raised through its funds in Asia exceeds US$21 billion, making its platform “one of the leading players in the region.”

Asia-focused private equity funds raised US$61 billion last year, a drop of more than 50 per cent from 2022, according to Preqin, a provider of financial data.

CVC’s new Asia fund will invest primarily in the consumer and services sectors across the region, taking both controlling stakes and smaller holdings alongside other investment firms.

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“We have invested significantly in CVC Asia over recent years and are delighted with its excellent progress,” said managing partner Rob Lucas, adding that CVC Asia is one of the growth engines for the company’s private equity platform.

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