Maples Advises CLSA Capital Partners on New Investment Fund Launches
Maples and Calder, the Maples Group’s law firm is pleased to have advised CLSA Capital Partners (“CLSACP”), the asset management business of CLSA, on the launch of Sunrise Capital IV investment funds (“Sunrise IV”) and Lending Ark Asia Secured Private Debt Fund L.P. (“Lending Ark”).
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Sunrise IV was significantly oversubscribed and closed in four months, in September 2020, at a hard cap. of US$450 million. Sunrise Capital, a strategy of CLSACP, is a Japan dedicated mid-cap private equity fund and has raised approximately US$1.5 billion to date.
Lending Ark is CLSACP’s first secured private debt strategy and it held its final closing in December 2020 with capital commitments of US$226 million. Together with Lending Ark, the secured private debt investment strategy platform manages a total of US$626 million, including target allocations from separately managed accounts established in conjunction with Lending Ark. Lending Ark invests in high-quality and secured private debt opportunities across the Asia-Pacific region.
A team based in the Group’s law firm in Hong Kong acted as Cayman Islands legal counsel to CLSACP on the fund launches. The team was led by Sharon Yap, a Partner in the Funds & Investment Management practice and was assisted by Associates Andrew Wood, Dan Won and Liisa Daniel-Dixon. Sharon has advised CLSACP on a variety of investment fund launches and related matters since 2013.
Commenting on the fund launches, Sharon Yap said,”Japan is becoming an increasingly attractive market for private equity investments and we anticipate that private equity activity in Japan will remain robust for the year ahead. We were delighted to support our longstanding client CLSA Capital Partners on the launch of their Japan focused Sunrise IV funds. We have also seen greater demand over the last few years for more specialised debt fund products and it was great to have had the opportunity to work with CLSA Capital Partner on their first secured private debt strategy – Lending Ark”.