O’Melveny Represents Asia Growth Capital in Secondary Portfolio PurchaseFebruary 06, 2013
Julie Fei Priscilla Chen
O’Melveny & Myers LLP O’Melveny & Myers LLP
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SINGAPORE - FEBRUARY 6, 2013 - O’Melveny & Myers LLP advised Asia Growth Capital Advisors (“AGCA”) on the acquisition of a seasoned private equity investment portfolio in Asia from Credit Suisse Private Equity Asia Partners. AGCA worked with lead investor HarbourVest Partners LLC, who structured the transaction, and their co-investors Axiom Asia Private Capital. AGCA is a Singapore-based private equity advisor focused on managing private equity investments in Asia, specifically in India and South East Asia.
“We were very fortunate to benefit from the advice of a highly professional and motivated team at O’Melveny & Myers on this complex transaction,” said Soma Ghosal Dhar, partner and co-founder of AGCA. “We appointed O’Melveny on account of their deep experience with secondaries portfolio transactions and they contributed greatly to the successful completion of this deal.”
“There continues to be a high level of interest in secondary purchases, particularly in Asia,” said Dean Collins, head of O’Melveny’s Asia Fund Formation Practice. “This transaction is a prime example of the new relationships and partnerships stemming from that dynamic secondary market in Asia. We are grateful to be able to help AGCA and its partners continue to expand its portfolio in this growing market.”
O’Melveny’s Singapore-based team was led by partner Dean Collins and associate Claire Bentley. The team also included support from partners James Ford and Chris Del Rosso, counsel Anita Choi and Xuan Zhang, and associate Nick Withers.
About O’Melveny & Myers LLP
With approximately 800 lawyers in 16 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com
The following press release was issued by Asia Growth Capital Advisors:
HarbourVest, Axiom Asia Consortium Acquires Seasoned pan Asian Private Equity Portfolio
Singapore -- Asia Growth Capital Advisors (“AGCA”), announced today the acquisition of a portfolio of seasoned private equity investments in Asia from Credit Suisse, its affiliates and other investors in Credit Suisse Private Equity Asia Partners, L.P. (“CSPEA”).
AGCA worked with HarbourVest Partners, LLC (“HarbourVest”), the lead investor in this transaction. HarbourVest has a long history of private equity investing in the region with deep experience in executing complex portfolio transactions of this nature. In addition, Axiom Asia Private Capital (“Axiom Asia”), which has a focus on private equity investing in the Asia Pacific region, helped to underwrite and consummate the transaction.
AGCA is a Singapore based private equity firm, that focuses on opportunities in India and South East Asia. The firm was founded in 2010 by Harjit Bhatia and Soma Ghosal Dhar, formerly Chairman & Managing Partner and Partner respectively at CSPEA. Mr. Bhatia has over 38 years investing experience in Asia Pacific region across private equity, industrial lending, corporate finance and investment banking areas from his prior times with General Electric Company, Deutsche Bank, State Bank of India and Ritchie Capital in various leadership roles. Ms. Ghosal Dhar has over 15 years of private equity investing experience and was most recently a Partner at CSPEA where she was responsible for originating and advising on private equity opportunities in India. Ms. Ghosal Dhar’s prior experience also includes stints at Ritchie Capital Management and GE Equity.
On this transaction, the founders of AGCA, said, “We are very excited about this partnership with HarbourVest and Axiom Asia which will enable AGCA to continue providing its advice to the portfolio companies and help them grow. Furthermore, this partnership, in the future, will allow AGCA to provide a platform for liquidity and secondary solutions to existing private equity investors in Asia, specifically in India and South East Asia”.
Tim Flower, a Principal at HarbourVest’s Asia affiliate, commented, “We are very pleased to work with AGCA on this transaction. We see a significant opportunity to acquire, restructure and support existing private equity portfolios in India and South East Asia and expect to work together with the team at AGCA in the future on similar secondary direct deals.”
Alex Sao-Wei Lee, Partner and Head of Secondary Investments at Axiom Asia, recounted, “We are very pleased to be working with AGCA on this transaction and look forward to a successful partnership with them.”
About the Limited Partners
HarbourVest Partners, LLC is an independent global private equity firm that invests in venture capital, buyout, mezzanine debt, and distressed debt through primary partnerships, secondary purchases, and direct investments. Since 1986, HarbourVest has been a leading buyer of private equity assets, acquiring $9 billion of assets in over 350 deals of all stages, types, vintages, and geographies and working with many types of sellers, including financial institutions, corporations, pension plans, governmental entities, endowments, and family offices. This flexibility enables HarbourVest to offer sellers of private equity comprehensive liquidity solutions. The firm’s clients consist of 300 institutional investors, including pension funds, endowments, foundations, and financial institutions throughout the U.S., Canada, Europe, Australia, Latin America and Japan. As part of its track record of secondary direct transactions in Asia, HarbourVest also co-led the spin out of the Bank of America Merrill Lynch private equity portfolio in 2011 and is the single largest investor in that transaction. To learn more, please visit www.harbourvest.com.
Axiom Asia is an independent private equity fund of funds manager focusing on primary fund investments, secondary purchases and co-investments in buyout, venture capital and growth capital opportunities in the Asia Pacific region. With 11 investment professionals based in Singapore, Axiom Asia has one of the largest and most experienced teams dedicated to private equity fund investing in Asia. An active buyer of Asian secondary interests, Axiom Asia has provided efficient liquidity solutions for global investors across a variety of secondary transactions involving Asian assets, from fund positions to portfolios of direct investments. For more information, please visit www.axiomasia.com.”