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| Actis raises $2.9-bn emerging mkt fund | |
| BS Reporter / Bangalore December 02, 2008, 0:17 IST | |
Global private equity (PE) investor Actis on Monday announced that it has closed its $2.9 billion private equity fund, Actis Emerging Markets 3 (AEM3), exceeding its target of $2.5 billion. This is one of the largest dedicated emerging markets PE funds closed this year. Also, this is double the amount Actis raised in 2004.
This new fund will be used to build a diversified portfolio of between 30 and 40 investments across India, China, Africa, Latin America and Southeast Asia, typically investing a minimum of $50 million of equity capital in buyouts and growth transactions. The new fund gives Actis the flexibility to allocate capital to the most compelling investment opportunities in emerging markets.
AEM3 includes commitments from a well-diversified group of 100 investors from across the globe, including a number of first-time investors in emerging markets. The fund also represents a significant endorsement of Actis’ track record of investing in emerging markets, a statement from Actis noted.
Actis’ senior partner Paul Fletcher said, “We are delighted to have assembled such an outstanding group of investors, who continue to recognise opportunities for private equity investment across emerging markets, despite the current economic climate.
“We believe that underlying economic growth remains resilient in many emerging markets. Much of this growth can be linked to businesses, benefiting from consumer demand and increased investment in domestic infrastructure, and Actis’ investment strategy is tailored accordingly. We remain confident of the long-term prospects of these markets and exceptional opportunities will present themselves.”
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