Capital International Private Equity Funds (CIPEF) raises $3 billion emerging markets fund

MUMBAI: Capital International Private Equity Funds, the dedicated emerging markets private equity business of Capital International has concluded raising $3 billion. On Thursday, the fund announced the final close of the Capital International Private Equity Fund VI (CIPEF VI), through which it has invested in several companies including India's L&T Financial Holdings.

According to the Emerging Markets Private Equity Association (EMPEA), CIPEF VI that was aiming to raise $2.5 billion is the largest global emerging markets private equity fund closed in the last five years, the fund said in a press release.

Through the total corpus, CIPEF VI is targeting 15-20 investments and will prioritize on roughly 16 of the 138 emerging market countries in the world. Till date, it has already committed nearly 20% of capital from CIPEF VI into several investments. Apart from L&T Financial Holdings, it has also invested in Eaton Towers, a pan African telecom tower development and management company.

"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, CIPEF co-founder and senior managing partner.

Of the capital raised from new and existing limited partners, CIPEF VI was oversubscribed with secured commitments from over 60 major institutional investors, including a 90% re-commitment rate among existing CIPEF investors with active private equity allocations, the fund said in its release.