Exclusive-Asia PE firm Affinity halts continuation fund plan -sources
© Reuters. FILE PHOTO: A Burger King fast food restaurant is pictured in Tokyo, Japan, September 26, 2017. REUTERS/Kim Kyung-Hoon/File PhotoHONG KONG/SINGAPORE - Hong Kong-based Affinity Equity Partners has paused plans to launch a so-called continuation fund enabling itself and its investors to sell down their shares in companies because of unfavourable market conditions, said two people with knowledge of the matter.
Affinity had been discussing fundraising plans for the continuation fund with advisers and potential investors, the people said.The pausing of its continuation fund plan highlights fewer options for PE firms to exit their investments in companies amid an economic slowdown and higher interest rates that have eaten into asset valuations and resulted in increased funding costs.
There has been 182 PE exits worth $28.8 billion in Asia this year, down 2.7% year-on-year in deal value and only half of the 2021 annual value, Preqin data showed. In 2022, 196 exits compared to the annual average of 232 deals in the past decade. Given the exit headwinds, such vehicles offer a potential solution to fund managers for their larger, higher-quality assets that still have strong growth prospects, said Sanjeev Malkani, JPMorgan head of Asia Pacific sponsor M&A.
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