Fundraising

HQ Capital collects $250m for Asian secondaries

Auda Asia Secondary Fund, which came under the HQ umbrella in 2015, had been on the market since October of that year.

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HQ Capital has hit the hard-cap on its Asian secondaries fund after around two-and-a-half years in the market.

Auda Asia Secondary Fund has raised $250 million, $24.5 million of which came from US investors, according to a filing with the Securities and Exchange Commission. That figure is also the fund’s hard-cap, Secondaries Investor understands.

The fund launched in October 2015 with a $200 million target, according to PEI data.

HQ Capital declined to comment on the fund close.

HQ Group acquired fund of funds manager Auda International in September 2015. It merged its real estate and buyout arms with the acquired entity, creating HQ Capital. Auda was founded in 1989 as the US investment arm of the Harald Quandt family foundation, a German industrial investor.

In 2014 Auda International’s Hong Kong managing director Lucian Wu told Secondaries Investor that Asian direct secondaries were a priority area.

“The re-opening of the Chinese capital markets notwithstanding, there are still a lot of private equity-invested companies still to be exited in China – some estimates suggest there are as many as 7,500 of such companies with a total value of over $100 billion. The total addressable market could be huge,” he said.

HQ Capital invests in private equity through buyout, mezzanine debt, secondaries, distressed and venture capital funds. It has $11.3 billion in assets under management, according to its website.

Article updated to reflect that Florida Atlantic University is not an investor in Auda Asia Secondary Fund.