Capital Square, Basil Technology Set Up Technology Services Dedicated Funds In Asia

KUALA LUMPUR, Jan 20 (Bernama) -- Capital Square Partners (CSP) and Basil Technology Partners (BTP) (collectively known as GP or the Team), two Singapore-based private equity firms, have collaborated and successfully closed an approximately US$700 million CSP Fund II. (US$1=RM4.29)

In likely a first-of-its-kind transaction in Asia, CSP Fund II raised capital from funds managed by HarbourVest Partners (HarbourVest), TPG NewQuest and Committed Advisors, as well as other institutional investors (Investors), to acquire a portfolio of companies from the GP’s existing funds under management as well as provide the enlarged platform with capital for follow-ons and new investments (Transaction).

The Team will operate under the existing CSP platform whilst HarbourVest and TPG NewQuest co-led the deal in which HarbourVest led the structuring of the transaction.

The Transaction is believed to have established one of the largest technology services dedicated funds in Asia and the combination of the teams at CSP and BTP will significantly augment the platform’s execution capabilities.

“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 Software as a Service (SaaS), artificial intelligence (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,” said its partner, Sanjay Chakrabarty in a statement.

Meanwhile, its co-partner, Rajeev Srivastava said: “We are thrilled to be growing our capabilities under the CSP platform and appreciate the guidance from UBS Private Funds Group 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.”

-- BERNAMA