Bloomberg News

Bain Capital Said to Raise $2.3 Billion for Second Asia Fund

June 28, 2012

Bain Capital Said to Raise $2.3 Billion for Second Asia Fund

A pedestrian passes a Skylark Co. Jonathan's restaurant in Tokyo. Bain had its busiest year in Asia in 2011, when it acquired Japanese restaurant operator Skylark Co. for $3.4 billion including debt, data compiled by Bloomberg show. Photographer: Tomohiro Ohsumi/Bloomberg

Bain Capital LLC, the Boston-based private-equity firm co-founded by U.S. presidential candidate Mitt Romney, is close to raising $2.3 billion for its second Asia fund, a person with knowledge of the matter said.

The company plans to complete the fundraising next month, the person said, asking not to be identified because the information is private. The second fund made its first investment in Japan’s Jupiter Shop Channel Co. this month, the person said.

Bain and Carlyle Group LP (CG:US) are among global firms raising new funds in Asia, where private-equity investments jumped 38 percent from 2009 to 2011, according to the Asian Venture Capital Journal. Bain has already fully invested its previous $1 billion fund, the person said.

KKR & Co., the buyout firm run by Henry Kravis and George Roberts, has gathered more than $3 billion for its second Asia fund, according to a filing last week. The firm is targeting $6 billion for that fund.

Charlyn Lusk, a spokeswoman for Bain at Stanton Public Relations & Marketing, could not be reached for comment outside of normal business hours. Earlier this week, the South China Morning Post reported that Bain is close to raising about $2.5 billion for the new fund.

Bain had its busiest year in Asia in 2011, when it acquired Japanese restaurant operator Skylark Co. for $3.4 billion including debt, data compiled by Bloomberg show. It also struck a $1.3 billion deal to purchase MYOB Pty Ltd., an Australian maker of business-management software, and acquired Beijing- based China Fire & Security Group Inc. for $234 million, the data show.

Bain, started in 1984 by Romney and partners from the consulting firm Bain & Co., oversees about $60 billion in assets. The firm deployed $15.3 billion across 33 transactions last year according to London-based researcher Preqin Ltd.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net


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Companies Mentioned

  • CG
    (Carlyle Group LP/The)
    • $30.8 USD
    • -0.38
    • -1.23%
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