The Matai Private Equity No.1 LP Offer was made to Wholesale Investors and opened on 26 February 2019 and closed on 31 March 2019 raising US$15 million. Matai invests as a limited partner in the L Catterton Asia 3 Fund.
Matai Private Equity No.1 LP (“Matai”), Matai Management Limited (“the “General Partner” and “Manager””) and Matai Nominees No.1 Limited (the “Nominee”).
The general partner of LCA 3 Sing LP, L Catterton Asia 3 GP Pte. Ltd engages the Investment Manager L Catterton Asia Advisors to provide investment management services to Fund 3.
The General Partner of Matai is Matai Management Limited.
Up to 50 million Limited Partnership Shares (“Shares”), were offered at an issue price of US$1.00 per Share (“Issue Price”). The Shares are to be held by the Nominee on bare trust for the investors.
The total amount of Committed Capital (investment commitment for each investor) for Matai will be equivalent to the total number of Shares allotted multiplied by US$1.00.
(*The Manager may elect to accept oversubscriptions in Matai subject to Catterton’s agreement)
15 million shares were subscribed for.
An application fee of 1.25% of an investor’s Committed Capital is payable by the investors to CIP upon application (“Application Fee”). The Application Fee will be used to pay brokerage of up to 1.0% to CIP and contribute to the costs of bringing this Offer to the market.
The remaining US$0.50 per Share, being the balance up to the Issue Price, is payable in tranches. Calls can be for a minimum of US$0.05 per Share and will be subject to at least 8 days’ advance notice to the investor. The Manager will make calls on Matai investors when the general partner of Fund 3 makes calls on the limited partners (including Matai) of Fund 3.
The proceeds of the initial tranche, and each subsequent call, will be applied to successively pay in full for the investor’s Shares in Matai and, in turn, Matai’s partnership interest in Fund 3.
Within Fund 3, there is a fee of 2% of aggregate Commitments per annum, charged quarterly in advance, of aggregate commitments during the investment period; thereafter, (or, earlier, upon the occurrence of certain events as set forth in the Sing LP Partnership Agreement), 2% per annum of the aggregate amount of the investment contributions of investments that have not been realised or fully written off.
Investing as a limited partner in L Catterton Asia 3 Sing LP (“LCA 3 Sing LP”), a limited partnership formed under the laws of Singapore, which alongside L Catterton Asia 3 LP (“LCA 3 LP”) invests in equity and debt interests of L Catterton Asia 3 Pte. Ltd, as the Fund company (collectively “Fund 3").
Matai Management Limited, a wholly owned subsidiary of Craigs Investment Partners Limited (“CIP”).
The Nominee is Matai Nominees No.1 Limited (a wholly owned subsidiary of CIP). The Nominee holds the limited partner interest in Matai Private Equity No.1 LP on bare trust for (ultimately) the investors in Matai as sub-custodian of Custodial Services Limited.
The minimum investment commitment for each investor (“Committed Capital”) is US$100,000 paid up on initial application to US$50,000 (plus an Application Fee and equalisation payment), and thereafter in US$50,000 increments (paid up to US$0.50 per Share).
An initial subscription of US$0.50 per Share subscribed for is payable upon application (”Initial Subscription Amount”), plus the equalisation payment estimated at US$0.03 per Share, plus the 1.25% Application Fee on the total Committed Capital. The remaining capital of US$0.50 per Share will be called as required.
The Fund 3 investment period is the period commencing on the initial closing (which was 13 June 2017) and ending on the sixth anniversary of the initial closing date (as defined in the Sing LP Partnership Agreement), unless extended for up to a maximum of one year at the discretion of the general partner of Fund 3.
Whilst there will be no formal secondary market for the Shares, CIP will endeavour to match buyers and sellers of Shares on an informal basis. Only clients of CIP can acquire Shares. Any potential buyers must qualify as Wholesale or Eligible Investors.
Matai will provide quarterly investor updates. Matters such as portfolio company performance, valuations and financial statements will be provided through annual reports. All information provided to investors must be kept on a confidential basis. Fund information will be available in the Investor Information section of this website.
Please contact the manager for further information on the offer
The General Partner and Manager is responsible for overseeing the administration and treasury functions of Matai. This role involves all communication with investors in Matai and managing the flow of funds between Fund 3, Matai and Matai investors. The Board of the General Partner and Manager comprises three directors: Neil Craig, Mike Caird and Ken Phillip.
Neil Craig and Mike Caird are directors of Craigs Investment Partners, and Ken Phillip is the Chief Financial Officer of Craigs Investment Partners.
Supporting the directors in administration of Matai will be Peter Lalor of Craigs Investment Partners who will act as executive officer.
The directors and executive have many years of experience in administrative roles associated with the Pohutukawa Private Equity funds (since 2004) and a number of other similar private equity and alternative investment funds.
The general partner of LCA 3 Sing LP, L Catterton Asia 3 GP Pte. Ltd engages the Investment Manager L Catterton Asia Advisors to provide investment management services to Fund 3.
Fund 3 is actively managed by an experienced and dedicated team led by the Chairman & Managing Partner of L Catterton Asia, Ravi Thakran, and the partners of the L Catterton Asia platform. The management of Fund 3 is further overseen by L Catterton co-CEOs, J. Michael Chu and Scott Dahnke.
The investment team for L Catterton Asia is strong. Along with Ravi Thakran, there are 9 dedicated partners supported by 24 experienced investment and operating professionals across six offices in Mauritius, Singapore, Shanghai, Hong Kong, Tokyo and Mumbai. The investment team is supported by a dedicated operating partner, Harry Markl and access to the broader operational resources of L Catterton, which includes 49 partners and over 160 investment and operating professionals globally. L Catterton Asia believes that the breadth and reach of these resources is unmatched in the consumer private equity industry, providing Fund 3 with highly differentiated capabilities to the benefit of portfolio companies and all stakeholders.
Matai is structured as a limited partnership under the Limited Partnerships Act 2008. The General Partner will be Matai Management Limited (a wholly-owned subsidiary company of Craigs Investment Partners). Matai Management Limited will also be the Manager of Matai.
Matai will invest as a limited partner in L Catterton Asia 3 Sing LP which invests in to Catterton Asia 3 Fund
An investor’s Shares in Matai will be held via a nominee, Matai Nominees No.1 Limited, a sub-custodian of Custodial Services Limited (wholly-owned by Craigs Investment Partners) and will hold the Shares on bare trust for Matai investors.
The structure diagram is shown below:
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