Singapore-based private equity firms Capital Square Partners (CSP) and Basil Technology Partners (BTP) have closed a $700-million continuation fund, according to an announcement on Friday. The deal is said to be one of the largest funds dedicated to technology services in Asia.
The fund, dubbed “CSP Fund II”, raised capital from HarbourVest Partners, TPG NewQuest, Committed Advisors, and other institutional investors. HarbourVest and TPG NewQuest co-led the deal. HarbourVest also led the structuring of the transaction.
The transaction will see CSP Fund II acquire a portfolio of companies from CSP and Basil’s existing funds under management while providing additional capacity for follow-on and new investments.
The team leading CSP Fund II consists of Sanjay Chakrabarty, Rajeev Srivastava, Mukesh Sharda, Bharat Rao, and Sameer Kanwar. Collectively, the team has managed over $1.3 billion in assets under management and operated and exited several technology services firms such as Minacs, Indecomm, and GAVS Technologies.
“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,” said CSP’s partner, Sanjay Chakrabarty.
“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,” he added.