Affinity Equity Partners is one of the largest dedicated Asian private equity firms and focuses on leveraged buyout and growth capital transactions. Affinity invests primarily in companies that produce consumer-related goods and services as well value-added manufacturing, healthcare, financial services, and business services companies.
Affinity typically invests in companies based in the Asia Pacific region with a focus on Australia, Greater China, Hong Kong, Japan, Korea, Singapore and Taiwan.
Affinity was founded by Kok-Yew (K.Y.) Tang and David Lai in 2002 The firm is headquartered in Hong Kong with offices in Seoul, South Korea, Singapore and Sydney, Australia.
The two founders of Affinity, K.Y. Tang and David Lai, joined UBS Capital
in the mid-1990s. Affinity, founded in 2002
, was originally known as UBS Capital Asia Pacific to serve as the Asian private equity arm of UBS AG
. UBS Capital Asia Pacific was spun out as an independent firm in March 2004. In 2004
, Affinity raised its first independent private equity fund, Affinity Asia Pacific Fund II, with $700 million of investor commitments. In 2007
, Affinity raised its next fund Affinity Asia Pacific Fund III with $2.8 billion of investor commitments, which was the largest private equity fund raised to that point in Asia.
Among Affinity's notable investments are the following:
- Colorado Group Limited – an Australian company that operates a chain of clothing retailers acquired by Affinity in a hostile takeover in 2006.
- Hi-Mart - a South Korean online shopping mall and chain of electronics stores acquired by Affinity, together with Temasek Holdings in 2005 and sold in 2008.
- Jaya Holdings – Affinity acquired a minority interest in Jaya, a Singapore-based offshore shipping and shipbuilding company, in 2006
- Mando Corporation - a Korean automotive parts manufacturer acquired by Affinity, together with CCMP Capital Asia in 2000 and sold in January 2008