Farallon raises $1.12bn for Asia special sits fund

The fund will also invest in opportunities in Latin America.

US investment firm Farallon Capital Management has held a final close on its Asia and Latin America special situations fund on $1.12 billion, PDI sister title Private Equity International has reported.

Farallon Asia Special Situations III and Farallon Asia Special Situations Master III, collectively named FASS III, will focus on transitional acquisitions, recapitalisations and restructurings in the Asia-Pacific region.

The fund intends to focus on investments in India, Malaysia, Indonesia, Australia, Japan and China, a person with knowledge of the matter told Private Equity International.

FASS III is the firm’s third vehicle dedicated to distressed or turnaround situations across Asia and Latin America.

It has invested in Chinese developer Kaisa Group Holdings, which last year defaulted on some of its more than $10 billion in loans and bonds.

Known investors in Farallon’s funds include the New York State Common Retirement Fund, Duke University Pension Plan, Massachusetts Institute of Technology Pension Plan and the Mayo Clinic Master Retirement Trust Plan.

The San Francisco-headquartered firm manages close to $20 billion of assets across private equity, private debt, real estate and equities. The firm also has offices in London, Singapore, Hong Kong, Tokyo and São Paulo.