Bain Capital is back in the market with the follow-up to its $1bn Asia debt fund closed three years ago, AltAssets can reveal.
The new fundraise comes amid a febrile dealmaking environment in the Asia-Pacific region, with private equity deal value reaching a record high last year despite a torrid initial decline in the wake of the Covid-19 pandemic.
Buyout houses were braced for a difficult year in 2020 following two years of record investment declining sharply at the end of 2019 due to coronavirus, Bain & Company’s 2021 annual Asia-Pacific Private Equity Report said.
But fears proved short-lived, with investors quickly jumping back into the market to lift deal value to a record $185m last year, up 19% from 2019 and 23% over the previous five-year average.
No target is given for Bain Capital Special Situations Asia II in a trio of filings the firm submitted to the US Securities and Exchange Commission.
Bain Capital held a final closing of its debut fund in the strategy in May 2018.
The fundraising reveal caps a busy month for Bain Capital, particularly in Asia.
Earlier this week it emerged that a Bain Capital-led consortium had beaten off private equity competition to buy Hitachi‘s metals unit in a JPY817bn ($7.5bn) take-private deal.
The firm is also said to be the latest private equity giant circling Toshiba after CVC‘s $20bn bid was rejected by the firm.
Bain Capital reportedly reached a JPY110bn ($1bn) final close for its first Japan-focused fundraise earlier this month.
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Source: https://www.altassets.net/private-equity-news/by-region/asia-by-region/bain-capital-back-with-successor-to-1bn-asia-debt-fund-amid-febrile-pe-dealmaking-in-region.html
