EQT Private Capital Asia (formerly known as Baring Private Equity Asia, BPEA and BPEA EQT) is an Asian investment firm headquartered in Hong Kong. It was founded in 1997 as an affiliate of Barings Bank before becoming an independent firm in 2000. In 2022, it was acquired by EQT AB to act as its Asian investment platform. EQT Private Capital Asia is one of the largest private equity firms in Asia.[2][3]
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| Formerly | Baring Private Equity Asia BPEA BPEA EQT |
|---|---|
| Company type | Subsidiary |
| Industry | Investment Management |
| Founded | 1997 |
| Founder | Jean Salata |
| Headquarters | Two IFC, Central, Hong Kong |
| Products | Private Equity Real Estate Private credit |
| AUM | €$22.1 billion (Q3 2022)[1] |
Number of employees | 225 (2022)[1] |
| Parent | EQT AB |
| Website | www |
History
Baring Private Equity Asia (BPEA) was founded in 1997[4] as a subsidiary of Baring Private Equity Partners which was an affiliate of Barings Bank.[5] In addition to BPEA, the affiliates of Baring Private Equity Partners include Baring Vostok Capital Partners, Baring Private Equity Partners India and GP Investments.[6]
Jean Salata and two other senior colleagues from the investment arm of AIG were set to run it with the ING Group providing $300 million in seed money. However, the two colleagues pulled out and ING downsized its commitment to $25 million due to the collapse or Barings Bank and the Asian financial crisis. However, despite the difficult circumstances, Salata recruited a team and deployed capital into NetEase and Mphasis. These successful investments allowed BPEA to raise $300 million for its debut fund in 1999.[7]
In 2000, Salata led a management buyout of BPEA leading it to be established as an independent Firm. The firm would keep the Barings brand name and the ING relationship in exchange for a share of the profits for a limited period.[7][8]
In 2016, Affiliated Managers Group acquired a 15% minority stake in BPEA.[9][10]
In 2017, BPEA launched its Credit investment unit in India after acquiring the Credit unit of Religare Global Asset Management.[11]
In March 2022, EQT AB acquired BPEA for $7.5 billion.[12] On October, the acquisition was complete and the firm was renamed to BPEA EQT.[1][13]
In January 2024, the firm was rebranded to EQT Private Capital Asia.[14]
Business overview
EQT Private Capital Asia mainly focuses on the Asia Pacific Region. It has three investment strategies which are:[15]
- Private Equity
- Real Estate (operates under the EQT Exeter brand)
- Credit (operates as BPEA Credit that focuses on India)
EQT Private Capital Asia has offices in Beijing, Hong Kong, Mumbai, Seoul, Shanghai, Singapore, Sydney and Tokyo.[13]
Funds
Private Equity
| Fund[16] | Vintage Year | Committed Capital ($m) |
|---|---|---|
| Baring Asia Private Equity Fund | 1999 | USD 305 |
| Baring Asia Private Equity Fund II | 2002 | USD 257 |
| Baring Asia Private Equity Fund III | 2005 | USD 490 |
| Baring Asia Private Equity Fund IV | 2008 | USD 1,515 |
| Baring Asia Private Equity Fund V | 2011 | USD 2,460 |
| Baring Asia Private Equity Fund VI | 2015 | USD 3,980 |
| Baring Asia Private Equity Fund VII | 2020 | USD 6,500 |
| Baring Asia Private Equity Fund VIII[17] | 2022 | USD 11,200 |
Real Estate
| Fund[16] | Vintage Year | Committed Capital ($m) |
|---|---|---|
| Baring Asia Real Estate Fund | 2015 | USD 365 |
| Baring Asia Real Estate Fund II | 2018 | USD 1,000 |
Credit
| Fund | Vintage Year | Committed Capital ($m) |
|---|---|---|
| BPEA Credit – India Fund I | 2017 | USD 90 |
| BPEA Credit – India Fund II | 2019 | USD 140 |
| BPEA Credit – India Fund III | 2022 | USD 475[18] |
Transactions
- In 2011, EQT Private Capital Asia sold its holding in Hsu Fu Chi to Nestlé in a $1.7 billion deal.[19]
- In 2012, EQT Private Capital Asia successfully exited Courts Asia by listing it on the Singapore Stock Exchange.[20][21]
- In 2015, EQT Private Capital Asia acquired a majority stake in Vistra from IK Investment Partners.[22]
- In 2016, EQT Private Capital Asia and Onex Corporation acquired the Intellectual Property & Science business of Thomson Reuters for $3.55 billion.[23]
- In 2017, Post Holdings acquired Weetabix Limited, UK based manufacturer of the Weetabix, Alpen and Ready Brek brands of breakfast cereals, from Bright Food and EQT Private Capital Asia for $1.4 billion.[24]
- In 2018, EQT Private Capital Asia sold its holding in PSB Academy to Intermediate Capital Group.[25]
- In 2020, EQT Private Capital Asia and CITIC Capital sold their holdings in Wall Street English to its original founder, Luigi Tiziano Peccenini.[26]
- In 2021, EQT Private Capital Asiaacquired Virtusa for $2 billion.[27]
- In April 2023, Endeavor agreed to sell Florida-based sports education institution IMG Academy to EQT Private Capital Asia for $1.25 billion.[28]
- In July 2023, EQT Private Capital Asia merged Vistra and Tricor in a $6.5 billion deal.[29]