Capital International Private Equity Funds has held a final close on its fifth fund with $2.25bn (€1.4bn) of commitments.
In addition to support from existing investors, Capital International also received over half of its commitments from new investors, including Pennsylvania Public School Employees’ Retirement System, Lockheed Martin Corporation Master Retirement Trust, Portfolio Advisors, LLC and a number of Middle Eastern and Asian institutional investors.
The new vehicle will target investments of between $50m and $250m in across
various emerging markets and industries.
The fund has already deployed 25 per cent of its capital in six investments, including backing Arcos Dorados, McDonald’s Latin American operations, and Unimilk, a dairy products producer in Russia and Ukraine.
The fund’s investment team, which includes Capital International Private Equity founders Koenraad Foulon and Lam Nguyen-Phuong, is based in five countries.
“The size and scope of this fifth generation CIPEF fund and stature of the early CIPEF V portfolio companies underscore the dramatic expansion of the emerging markets private equity investment opportunity,” said senior managing partner Foulon.
“Since 1992, we have worked to methodically build a deeply experienced team with a strong track record in emerging markets private equity. CIPEV V marks an important turning point for us and is optimally sized to address the current generation of compelling emerging markets investment opportunities.”