RRJ Capital Raises $4.5 Billion in Largest Asian Private-Equity Firm Fundraising
Thursday, October 01, 2015
(WSJ by Rick Carew) – RRJ Capital closed the largest-ever private-equity fund for an Asian firm at $4.5 billion, giving prolific deal-maker Richard Ong a war chest to hunt for new opportunities across the region.
RRJ Capital, based in Hong Kong and Singapore, this week closed its third fund after nine months on the fundraising trail, according to a person familiar with the situation. The fundraising was oversubscribed by $1 billion, with the majority of the capital coming from North American investors, the person said.
The fresh cash comes as money is becoming scarcer across Asia, with lenders cutting back and fewer companies launching initial public offerings. Private-equity firms across the region are hunting for bargains as valuations for many once-highflying companies come back to earth.
RRJ Capital, founded by Mr. Ong in 2011, has rapidly ascended to the top ranks of private-equity firms in the region. The firm now manages $11 billion and its new fund is the largest this year, bigger than the $4 billion raised by Baring Private Equity Asia in February. It will also be the second-largest devoted to Asia after a $6 billion fund raised by U.S.-based global private-equity firm KKR & Co. in 2013.
