* CapAsia has raised more than $500 mln capital
* CapAsia has more than $400 million AUM
* Stake sale comes as banks jettison private equity assets
* Agreement follows Rohatyn deal for 50 pct of ARCH Capital
By Stephen Aldred
HONG KONG, Feb 13 U.S.-based private asset
management firm Rohatyn Group said on Monday that it has agreed
to acquire 60 percent of CapAsia, the private equity arm of
Malaysia's CIMB Group Holdings Bhd.
Financial details of the transaction were not disclosed.
Singapore-based mid-market fund CapAsia has raised more than
$500 million in capital commitments across three funds,
including an Islamic fund, and has more than $400 million in
assets under management.
CIMB's sale of a stake in CapAsia comes as banks are turning
off commitments to new private equity funds and jettisoning
existing assets, anticipating regulation that makes holding
private equity assets more costly.
CapAsia funds invest in infrastructure projects in emerging
Asia non-BRIC countries. The firm currently has one fund in the
market, the CapAsia ASEAN Infrastructure Fund III, with a $300
million target size, according to its website.
Rohatyn previously acquired 50 percent of ARCH Capital, a
Hong Kong-headquartered Asia-focused private equity real estate
firm, from Ayala Group of the Philippines.
Rohatyn also has a presence in liquid emerging markets asset
management products, and has offices in New York, Singapore,
Hong Kong, London, Buenos Aires, Lima, Montevideo and Sao Paulo.
CapAsia was established in 2006 as a joint venture between
Malaysia's CIMB and South Africa's Standard Bank Group Ltd