The Asia-Pacific division of equity investment fund CVC has opened an office in Sydney and is on the look out for investment opportunities, including taking a look at distribution giant Tech Pacific.
CVC Capital Partners, an investment group with over US$30 billion worth of investments under its belt, recently set up a fund for the Asia Pacific region that included US$500 million from institutional investors and US$250 million from financial services company Citigroup.
Heading CVC's operations in Australiasia, Andrew Cummins, told ARN the investment group had "participated in the auction" for Tech Pacific but would not be drawn further.
Meanwhile, CVC Capital Partners Asia Fund investment director Adrian McKenzie said the company opened an Australian office as "the types of businesses we find interesting are coming up for sale".
McKenzie said the firm invests in many types of private companies. "We have a broad portfolio of very diverse businesses," he said. "We are not specialists in any field."
The company recently spent a considerable amount of money on several technology-related firms in the region, including a data business in Korea and a semi-conductor business in Hong Kong.
McKenzie said the initial funding its European parent provided the Asia Pacific fund is only a small part of what the investment firm could potentially throw into the Australian market at a moment's notice. He said the company could quite easily afford to buy companies worth in excess of $1 billion.