Private equity firm L Capital Asia has raised US$950m for its second fund in less than six months.
L Capital Asia, which was created in 2001, is sponsored by the LVMH Group, Groupe Arnault and YTL.
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The Wall Street Journal reported that the fundraising was started in March 2013 with an initial target of US$800 million but the company raised more money due to support from sovereign wealth funds, family offices and pension funds from North America, Europe and Asia.
L Capital Asia regional managing director, Sanjay Gujral, told MoneyBeat that "Investors were attracted to our strategy which targets middle class consumption in emerging Asia, a theme which will play out over the next few decades."
"Our focus remains similar with China as our primary focus, followed by Southeast Asia and Australia, followed by India," Gujral said.
"We’ll also look at Korea and Japan on an opportunistic basis, particularly in situations where companies in those markets are looking towards emerging Asia for their next leg of growth."
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By GlobalDataL Capital Asia’s first fund, raised US$640 million, has made 13 investments in sectors such as jewelry, leather goods, beauty and wellness, fashion, wine and spirits as well as watches.
