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HarbourVest in line to back up to $2bn Asia spinout

A team is spinning out of emerging markets specialist Capital Group with a portfolio containing unicorns including Didi and Gojek.

HarbourVest Partners is set to back one of the largest GP-led deals ever to take place in Asia, Secondaries Investor has learned.

A portfolio of Asian assets managed by Capital Group Private Markets is being moved into a closed-end fund backed by the Boston-headquartered secondaries firm and other investors, according to three sources familiar with the deal.

The fund will be managed by Singapore-based Everbridge Partners, which was formed in 2018 by Capital Group’s Asia managing partner Leonard Kim. Kim continues to work for both firms, according to his LinkedIn profile.

The portfolio includes stakes in Chinese ride-hailing business Didi and payments and logistics company Gojek, Indonesia’s first “unicorn”, according to one of the sources. The deal could be as big as $2 billion, including a significant amount of unfunded capital for new investments.

Evercore is understood to be advising on the process, which has yet to close.

London-headquartered Capital Group has raised six emerging markets private equity funds. Its most recent was the 2012-vintage Capital International Global Emerging Markets Fund VI (CIPEF VI), which raised $3 billion. Didi and Gojek are held by Fund VI, according to Capital Group’s website.

HarbourVest has backed some of the largest deals to take place in Asia in recent years, including a $600 million yuan-to-dollar restructuring involving Chinese growth manager IDG Capital.

In May, the firm opened a Singapore office, its fifth in Asia. It wanted to establish relationships with up-and-coming general partners in Southeast Asia and grow in line with Indian and Chinese partner GPs that are expanding their footprints in the region, Secondaries Investor reported.

HarbourVest Partners and Evercore declined to comment. Capital Group did not respond to a request for comment.