Gujarat Titans, HealthCare Global backer CVC raises $6.8 bn for largest Asia fund

Asia VI is 50 percent larger than its predecessor, CVC Capital Partners Asia V, which was raised in 2020 and closed at $4.5 billion.

CVC, a global private equity fund that counts IPL franchise Gujarat Titans and oncology-focused HealthCare Global Enterprises in its India portfolio, has got $6.8 billion of commitments and closed its sixth Asia Fund, CVC Capital Partners Asia VI, indicating further expansion in the region.

This is CVC Asia's largest fund to date, according to an official statement from the firm.

Asia VI is 50 percent larger than its predecessor, CVC Capital Partners Asia V, which closed at $4.5 billion in 2020. Asia VI saw strong demand from new and returning blue-chip investors, enabling it to significantly exceed its $6 billion target and original hard cap.

"The fund lifts CVC’s Asia platform to one of the leading players in the region, having now raised over $21 billion of commitments across its Asia-focused funds," CVC said in the statement.

CVC has been active in Asia since 1999 and has made more than 80 acquisitions in the region. Its India portfolio includes chemicals company Sajjan India and UnitedLex, a legal services provider.

Growth engine

"With the successful close of Asia VI, we will continue to leverage our deep industry expertise, pan-regional local office presence and the global CVC Network to identify attractive investment opportunities and partner with founders and high-quality management teams in the fast-growing Asian private equity markets,” said Sigit Prasetya, managing partner and head of CVC Asia.

“We have invested significantly in CVC Asia over recent years and are delighted with its excellent progress. CVC Asia is one of the growth engines for our private equity platform and we look forward to the continued expansion and success of this strategy,” said Rob Lucas, CVC managing partner.

CVC manages $199 billion (€188 billion) of assets globally across seven complementary verticals: CVC Europe/Americas, CVC Asia, CVC Strategic Opportunities, CVC Growth, CVC Secondaries (Glendower), CVC Credit and CVC Infrastructure (DIF Capital Partners).

Reports have indicated that CVC is looking to sell its controlling stake in Bengaluru-based HealthCare Global Enterprises with the process attracting interest from rival private equity funds.

Moneycontrol reported on December 4, 2023, that CVC Capital, Warburg Pincus and two strategic players have been shortlisted for the next stage in the ongoing sale of a majority stake in Singapore-based digital technology services company TO THE NEW, which was established by four Indian entrepreneurs in 2008.