Asia Alternatives

About Us

Asia Alternatives is a solution platform dedicated to helping institutional investors make investments in private equity across Asia. Read more

Our Philosophy

Asia Alternatives is a solution platform dedicated to helping institutional investors make investments in private equity across Asia. Read more

Our Team

Every Asia Alternatives team member is indisputably committed to consistent, exceptional investment performance and best-in-class investor service. Read more

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About Asia Alternatives Management LLC

Asia Alternatives is a solution platform dedicated to helping institutional investors make investments in private equity across Asia. The Firm currently manages approximately $15 billion of regulatory assets under management across Asia Alternatives Capital Partners, LP (“AACP I”) ($515 million), Asia Alternatives Capital Partners II, LP (“AACP II”) ($950 million), Asia Alternatives Capital Partners III, LP (“AACP III”) ($908 million), Asia Alternatives Capital Partners IV, LP, along with its sleeve fund focused on investments outside of Japan, AACP IV Ex-Japan Investors, LP ($1 billion), Asia Alternatives Capital Partners V, LP along with its parallel fund, Asia Alternatives Capital Partners V (ERISA), LP ($1.515 billion), and Asia Alternatives Capital Partners VI, LP and its related parallel funds ($1.1 billion), Asia-focused private equity Funds-of-Funds (FoF), plus other related fund vehicles. Asia Alternatives invests with top performing private equity fund managers across Asia, primarily in Greater China (Mainland China, Taiwan, and Hong Kong), Japan, Korea, South East Asia, India and Australia, and is diversified across buyout, growth and expansion, venture capital and special situations funds. The Firm currently has over 50 professionals and offices across Hong Kong, Beijing, Shanghai and San Francisco.

Asia Alternatives Capital Partners, LP (“AACP I”)

Asia Alternatives’ first fund, Asia Alternatives Capital Partners, LP, is a $515 million dedicated Asia only, private equity funds‐of‐funds which held a final close in May 2007.

Asia Alternatives Capital Partners II, LP (“AACP II”)

Asia Alternatives Capital Partners II, LP was formed to continue the successful risk-adjusted return strategy deployed in AACP. AACP II had its final closing in September 2008 with a total of $950 million committed capital.

Asia Alternatives Capital Partners III, LP (“AACP III”)

Asia Alternatives Capital Partners III, LP was created to continue the successful risk-adjusted return strategy deployed in AACP and AACP II. AACP III had its final closing in July 2012 with a total of $908 million committed capital.

Asia Alternatives Capital Partners IV, LP, along with its sleeve fund, AACP IV Ex-Japan Investors, LP (collectively “AACP IV and Ex-Japan”)

Asia Alternatives Capital Partners IV, LP and AACP IV Ex-Japan Investors, LP was created to continue the successful risk-adjusted return strategy deployed in AACP I, AACP II and AACP III. AACP IV and Ex-Japan had its final closing in April 2015 with a total of US$1 billion committed capital.

Asia Alternatives Capital Partners V, LP which, along with its parallel fund, Asia Alternatives Capital Partners V (ERISA), LP (together “AACP V”)

Asia Alternatives Capital Partners V, LP which, along with its parallel fund, Asia Alternatives Capital Partners V (ERISA), LP was created to continue the successful risk-adjusted return strategy deployed in AACP I, AACP II, AACP III and AACP IV. AACP V closed on US$1.515 billion of committed capital. AACP V had its final closing in September 2017 with a total of US$1.515 billion of committed capital.

Asia Alternatives Capital Partners VI, LP and its related parallel and feeder funds (together “AACP VI”)

Asia Alternatives Capital Partners VI, LP and its related parallel and feeder funds, was created to continue the successful risk-adjusted return strategy deployed in AACP I, AACP II, AACP III, AACP IV and AACP V. The latest, AACP VI, closed in December 2021 on US$1.1 billion of committed capital and together with related vehicles for a total of US$2.0 billion of committed capital.

Company History

2005

Asia Alternatives is Co-Founded by Melissa Ma, Laure Wang and Rebecca Xu

2006

Asia Alternatives opened offices in Hong Kong, Beijing and San Francisco
Asia Alternatives is the first Asia private equity fund-of-funds to open an office in Mainland China

2007

Asia Alternatives raises the largest Asia-dedicated fund-of-funds and their inaugural fund, Asia Alternatives Capital Partners, LP, at $515 million

2008

Asia Alternatives raises $950 million for their second fund, Asia Alternatives Capital Partners II, LP

2009

Asia Alternatives Beijing office receives WFOE license – 鲲行投资咨询(北京)有限公司

2011

Asia Alternatives is the world’s first and only Limited Partner to receive a Qualified Foreign Limited Partner (“QFLP”) license under the Pilot Program of Foreign Invested Private Equity Investment Enterprises from the Shanghai government
Asia Alternatives opens their second office in Mainland China in Shanghai

2012

On August 8, Asia Alternatives announced the final close of over $1.5 billion in new commitments across several fund vehicles (the “Funds”). The largest of the Funds is Asia Alternatives Capital Partners III, LP (“AACP III”) at $908 million of committed capital.

2015

In April 2015, Asia Alternatives announced the final close of over US$1.8 billion in new commitments across Asia Alternatives Capital Partners IV, LP (“AACP IV”) and its related fund vehicles (“Fund IV”). The largest of the Funds is Asia Alternatives Capital Partners IV, LP, which, along with AACP IV Ex-Japan Investors, LP, closed on US$1 billion of committed capital, above their combined target of US$750 million.

2017

In August 2017, Asia Alternatives reached agreement with its Founding Investors to buy back their shares in Asia Alternatives Management LLC. Asia Alternatives is 100% owned by the partners of the Firm.
On September 13, 2017, Asia Alternatives announced the final close of over US$1.8 billion in new commitments across Asia Alternatives Capital Partners V, LP and several fund vehicles (the “Funds”). The largest of the Funds is Asia Alternatives Capital Partners V, LP which, along with its parallel fund, Asia Alternatives Capital Partners V (ERISA), LP (together “AACP V”), closed on US$1.515 billion of committed capital, exceeding their combined target of US$1.3 billion.

2018

On September 10, 2018, Asia Alternatives Management LLC (“Asia Alternatives”) and Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton Investments (“Franklin Templeton”) entered into a new joint venture. The firms are partnering to launch Franklin Templeton Private Equity, LLC (“FTPE”), a new entity being formed to provide investors with bespoke global private equity fund-of-funds solutions. Franklin Templeton will be the majority owner, and Asia Alternatives and members of the FTPE management team will hold minority stakes in the new entity.

2021

On December 28, 2021, Asia Alternatives announced the final close of US$2.0 billion in new commitments across Asia Alternatives Capital Partners VI, LP and several fund vehicles (the “Funds”). The largest of the Funds is Asia Alternatives Capital Partners VI, LP which, along with its related parallel fund and feeder funds, (together “AACP VI”), closed on US$2.0 billion of committed capital, exceeding their combined target of US$1.8 billion.

Asia Alternatives’ Investment Philosophy

Asia Alternatives is a solution platform dedicated to helping institutional investors make investments in private equity across Asia. We focus on two principles to create value for LPs. First, risk-adjusted returns to produce alpha generating portfolios. Second, partnership with our LPs to provide each investor with Asia private equity education and access to managers and co-investment opportunities.

Asia Alternatives diversifies its investment program by targeting private equity fund managers in Greater China (Mainland China, Taiwan, and Hong Kong), Japan, Korea, South East Asia, Australia and India. By sub-asset class, the Firm intends to seek opportunities across buyout, growth and expansion, venture capital and special situation strategies.

A core part of Asia Alternatives’ business model is a commitment to have an open, transparent working partnership with the Fund’s Limited Partners (“LPs”) to build their Asia private equity programs. The Firm has an established LP Partnership Program that has been operating since inception with four key components: (i) education for LPs on Asia and Asian private equity markets, including Asia Alternatives’ own in-house market research; (ii) access to fund managers (“GPs”) in Asia Alternatives’ investment portfolio through transparent reporting and facilitating meetings between GPs and LPs; (iii) providing opportunities to co-invest alongside of Asia Alternatives’ funds where appropriate; and (iv) best-practice reporting and dedicated, on-call client service support.

Asia Alternatives’ Competitive Edge

Asia Alternatives’ experienced, local, Asian on-the-ground advantage is comprised of our differentiated investment strategy and our LP Partnership Program

In our 20th year of operation

Largest local Asian team dedicated just to fund investments

One of the first Asia-only Fund-of-Funds

Extensive local-office coverage: Hong Kong, Beijing and Shanghai

Stable Partner and Investment team

ILPA Associate Member beginning in 2024

Investment Strategy

Rigorous risk-adjusted return approach
Leading China presence and track record (1st Fund-of-Funds ever to open an office in Mainland China)
QFLP license—first and only LP to date that can invest in RMB
Track record of identifying and accessing top local managers
Investment leadership through active monitoring and engagement with our GPs
Value-add beyond traditional primary commitments
- Sponsor and anchor new funds
- Direct co-investments
- Secondaries

LP Partnership Program

Open, transparent working partnership with our LPs to act as their “eyes and ears” on the ground in Asia

Education
- Dedicated LP programs in Asia
- Detailed quarterly calls with specialized LP reporting
- In-house market research presented every quarter
Access to GPs
- GP Programs each year in Asia
Co-Investment Program
Best practice, transparent reporting
“On call” client service support

Environmental, Social and Governance Matters

Asia Alternatives believes that responsible corporate behavior with respect to environmental, social and governance (“ESG”) factors can generally have a positive influence on long-term financial performance, recognizing that the relative importance of ESG factors varies across industries, geographies and time. In analyzing risks inherent in its portfolio investments, Asia Alternatives looks to identify, monitor and mitigate ESG issues that are, or could become, material to long-term financial performance. Potential ESG risks and opportunities are appropriately considered as part of Asia Alternatives’ overall investment process, including inquiries relating to the status of ESG policies at portfolio funds and reporting processes related to the same.

In May 2019, Asia Alternatives became a signatory to the Principles for Responsible Investment. As a signatory, Asia Alternatives has committed to six principles:

Incorporate ESG issues into investment analysis and decision-making processes
Be active owners and incorporate ESG issues into our ownership policies and practices
Seek appropriate disclosure on ESG issues by the entities in which we invest
Promote acceptance and implementation of the Principles within the investment industry
Work together to enhance our effectiveness in implementing the Principles
Report on our activities and progress towards implementing the Principles

Click Here to see Asia Alternatives’ Environmental, Social and Governance Policy.

Asia Alternatives Team

Every Asia Alternatives team member is indisputably committed to consistent, exceptional investment performance and best-in-class investor service. The Asia Alternatives team includes members who collectively speak six different Asian languages and consists of native Chinese, Japanese, Korean, and Indian professionals. Our team is currently comprised of over 50 people.