CVC Nets US$2 Billion For Fourth Asia Fund

Dec 18 2013 | 1:23pm ET

CVC Capital Partners has held the first close for its fourth Asian private-equity fund, garnering more than half the total it expects to raise for the vehicle.

The London-based firm began fundraising for the fund earlier this year and has won US$2 billion in commitments. CVC has set a US$3.3 billion fundraising target and expects to raise US$3.5 billion, according to The Wall Street Journal.

CVC raised $4.1 billion for its last Asia fund in 2008.

CVC's success with the fourth fund comes in spite of a high-profile failure in Australia last year, when it suffered a $1.4 billion loss on media company Nine Entertainment. CBC has since abandoned the Australian and Indian markets, and will focus on Southeast Asia and Greater China.

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