In April, Bangkok-headquartered Lakeshore Capital closed its second Thailand-focused private equity fund at its $150 million hard-cap, per a statement from placement agent Asante Capital. Fund II was more than twice the size of its $60.7 million 2014-vintage predecessor, according to PEI data.

Raising a Thai fund is no mean feat. Unlike some of its neighbouring markets in Southeast Asia – Laos, Cambodia and Myanmar, for example – Thailand doesn’t typically qualify for development finance institution capital. International Finance Corporation was one of the only DFIs to back Lakeshore’s sophomore fund.

“Its GNI per capita is too high already – the OECD has been classifying Thailand as an Upper Middle Income country for a few years,” Ricardo Felix, managing director and head of Asia at Asante, told Private Equity International.

“Further, unlike peripheral countries, [Thailand] doesn’t have a demographic growth boost anymore. This is a country of 70 million people with an ageing population, so you’re probably catering more towards a developed market template focused on the growth of the middle class with a maturing economy and aging society.”

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