With commitments from Sumitomo Mitsui Banking Corporation and the Development Bank of Japan, JPOF 2024 will target secondary investments in private equity funds.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
The Malaysia-headquartered secondaries specialist reportedly closed the fund within its target range exclusively with Asia-based LPs.
Coordinated by KOFIA, the initiative aims to support venture exits and recycle capital through direct investments and a joint fund.
The alternative asset manager, which has begun the process of listing in India, is reportedly targeting $131 million for the strategy.
The firm is eyeing up to $150 million in final commitments to pursue late-stage secondary deals across India and Southeast Asia.
Avendus Future Leaders Fund III, which is already 30% deployed, has invested ~$15 million in Parag Parikh Financial Advisory Services via secondary.
The India-focused vehicle has a target size of $75 million and will allocate capital across primaries, secondaries, and co-investments.
Billed as Australia's first dedicated secondary fund of VC funds, the vehicle held a first close last year.
This will be the first of several planned vehicles aimed at advancing secondary market activity, primarily in the Japanese market.
