ADV Exceeds Target For Pan-Asia Debut With $545m Final Close

This article was originally published on AltAssets on September 22, 2015. 

The mid-market focused vehicle received commitments from an unnamed sovereign wealth fund, a superannuation fund, multiple US state pension programmes, fund of funds, endowments and family offices, the firm said.

ADV has already tapped Opportunities Fund I for about 30 per cent of the committed capital to date, it added.

The Hong Kong-headquartered firm plans to use the vehicle to invest primarily in China and India, with southeast Asia and developed Asia/Australia as opportunistic markets.

It was co-founded in 2013 by Brad Landes, Suresh Prabhala and Jianyi Zhu, who worked together at Mount Kellett Capital and previously held senior management roles with the Asia principal investment platforms of JP Morgan and Goldman Sachs.

The firm now has 20 professionals across its four regional offices.

Eaton Partners acted as the exclusive placement agent for the fundraise.

It said the vehice was the fifth fundraise it had helped close in Asia this year, bringing its total for the region to more than $3bn.

Eaton head of Asia Chris Lerner said, “Following a detailed exercise in landscaping regional managers, we concluded that ADV’s unique yet proven strategy is well suited to capitalize on inefficiencies present in Asian markets.

“We worked hand-in-hand with the ADV team on the fundraise and are very proud of the outcome given 2014 and 2015 have been challenging fundraising years.”