Hong Kong’s Samena Capital has launched a special situations fund in a bid to raise $700m for investment in listed securities in Asia, Middle East and North Africa, the firm said Wednesday.
The seven-year, closed-ended private equity-style fund is its second such offering and has already booked commitments of more than $350m, the company said in an emailed statement.
“The fund will take positions through strategic block purchases, pre-negotiated deals and preferential issuance of equity,” said the firm. “This structure allows the fund to build strong minority stakes in listed companies that are stable mature businesses.”
The firm’s first such five-year fund made investments in India’s HBL Powers Systems Ltd , Eicher Motors Ltd and offshore oilfield services company Rubicon Offshore International.
Samena recently exited its investment in Eicher, generating a return on investment of 5.4 times in less than two years, the statement said.
Samena was established in 2008 with initial equity of $50m. The firm’s first fund attracted close to $200m in investments and has repaid 20 percent of its capital to investors, Samena said.
The company manages more than $400m in assets.
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