Singapore firms Capital Square Partners and Basil Technology Partners unveiled a partnership and close $700M continuation fund


Two Singapore-based private equity companies, Capital Square Partners and Basil Technology Partners ("BTP"), announced today a new cooperation and the successful closing of a fund worth approximately US$700 million ("CSP Fund II" or the "Fund"). The CSP Fund II raised money from funds managed by HarbourVest Partners ("HarbourVest"), TPG NewQuest and Committed Advisors, as well as other institutional investors (collectively, the "Investors") in what is probably a first-of-its-kind deal in Asia. The money was used to buy a portfolio of companies from the GP's current funds under management and to give the enlarged platform money for follow-ons and new investments.

As it intends to build on a solid track record of investing in multinational technology services companies, the Team will run under the current CSP platform. Deal co-led by HarbourVest and TPG NewQuest. HarbourVest took the lead in the transaction's structuring.

The teams at CSP and BTP will greatly improve the platform's execution capabilities. It is claimed that the Transaction established one of the largest dedicated funds for technology services in Asia. Sanjay Chakrabarty, Rajeev Srivastava, Mukesh Sharda, Bharat Rao (non-executive director), and Sameer Kanwar are the members of the Team. The Team has managed more than US$1.3 billion in AUM over the previous ten years and has operated and sold a number of businesses in the technology services sector, including Minacs, Indecomm, and GAVS Technologies.

Sanjay Chakrabarty, Partner, said, “We are excited to be joined by the BTP team in building a leading regional technology investment platform, focused on leveraging our expertise in technology services and the emerging SaaS, AI, data analytics and digital sub-sectors. We believe these sectors will continue to show strength and resilience through economic cycles, and yield compelling investment opportunities for CSP Fund II. We look forward to our continued partnerships with best-in-class founders and companies.”

Rajeev Srivastava, Partner added, “We are thrilled to be growing our capabilities under the Capital Square Partners platform and appreciate the guidance from UBS in structuring this highly complex transaction. We are grateful for having HarbourVest as a capital partner as we embark on a new phase of growth for our portfolio companies and appreciate the strong endorsement from TPG NewQuest and Committed Advisors. We look forward to executing on an exciting pipeline of opportunities with CSP Fund II.”

On the transaction, UBS Private Funds Group provided advice.

While Debevoise & Plimpton counselled the Investors, Capital Square Partners and the Fund received legal advice from Dechert.

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