Shaw Kwei & Partners

What Shaw Kwei & Partners does

ShawKwei & Partners is an independent private equity investment firm founded in 1998 by Kyle Shaw, originally in Hong Kong and now headquartered in Singapore with additional offices in Hong Kong, San Francisco, and Shanghai. The firm invests in middle-market industrial and service companies with revenues between US$50–800M across six sectors — advanced manufacturing, automotive, medical equipment, energy and power, health and beauty, and logistics — with operational footprints spanning Asia, Europe, the Middle East, and the United States. Capital is deployed through private equity funds (Fund IV closed at US$812M in October 2018) sourced from institutional investors in the US, Canada, and Europe, with revenue generated through management fees and carried interest on exits. The firm takes significant ownership stakes and applies a hands-on partnership model, typically taking board seats and embedding operational, financial, and transformation support into portfolio companies.

Name

Shaw Kwei & Partners

Legal name

ShawKwei & Partners

Website

https://shawkwei.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

ShawKwei & Partners is a Singapore-based private equity firm founded in 1998 that invests US$50–800M-revenue middle-market industrial and service companies across Asia, Europe, and the USA through its funds, operating platforms including Liberty Energy Solutions and ICONS Beauty Group.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Security & Defense / GovTech Growth Equity (FSANACAN)

akta.pro secondary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Middle-market private equity
• Industrial investments
• Manufacturing buyouts
• Growth capital
• Asia-focused private equity

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Private Equity Fund Management: Generates revenue through management fees and carried interest (performance fees) from private equity funds. Fund IV closed at USD 812 million in October 2018. Invests in companies with revenues between US$50-800 million.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

ShawKwei & Partners is a private equity investment firm that takes significant ownership stakes in middle-market industrial and service companies with revenues between US$50-800 million across Asia, Europe, and the USA. The firm operates multiple private equity funds (currently deploying Fund IV at USD 812 million) and runs investment platforms such as ICONS Beauty Group and Liberty Energy Solutions, providing capital, strategic guidance, and hands-on management support to portfolio companies.

Product overview

ShawKwei & Partners operates as a private equity investment firm with a portfolio of investment platforms and portfolio companies across six sectors: advanced manufacturing, automotive, medical equipment, energy and power, health and beauty, and logistics. The firm offers fund management services through its private equity funds (currently Fund IV) and operates several investment platforms including ICONS Beauty Group for beauty and wellness investments, and Liberty Energy Solutions for energy sector investments. The portfolio includes companies across Asia, Australia, Europe, and the USA, spanning precision manufacturing, energy services, beauty packaging, marine logistics, and specialty chemicals.

Differentiator

Problem solved

Functional benefit

Brands

• ICONS Beauty Group: Beauty and wellness packaging and products rollup platform established in 2020, encompassing ICS, Rauxel, and CTL Packaging operations
• Liberty Energy Solutions
• CR3
• Beyonics

Products and services

• Private Equity Fund Management ShawKwei's core investment service managing private equity funds investing in middle-market industrial and service companies with revenues between US$50-800 million across Asia, Europe, and USA. Currently deploying Fund IV with energy representing over 50% of exposure.
• ICONS Beauty Group Beauty and wellness packaging and products rollup platform for investments in beauty and wellness products. Operates as a portfolio of companies including ICONS|America (tube manufacturing), ICONS|Rauxel (haircare and skincare manufacturing), and ICS (beauty packaging).
• Liberty Energy Solutions Global investment platform for energy engineering and proprietary technologies. Subsidiaries include CR3 Group (energy engineering), ZymeFlow (chemical decontamination), and PEC (maintenance and EPC services).

Quantifiable outcome

• 4.8x gross multiple on YongLe exit in 2017
• +3 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Liberty Energy SolutionscoreStrategic or Co-development Partner · 19 June 2025Liberty Energy Solutions is a global investment platform established under ShawKwei's control. It encompasses CR3, ZymeFlow, and PEC as wholly-owned subsidiaries, creating a comprehensive energy services provider with 200+ patents and 200+ annual plant turnarounds for major energy clients including Reliance, Shell, BP, Chevron, and Petronas.
• Abu Dhabi Regional HubminorStrategic or Co-development Partner · 1 December 2023CR3 opened a new regional hub in Abu Dhabi in December 2023 to capitalize on growth opportunities in the UAE region, leveraging partnerships and initial projects in the UAE for energy engineering services.
• ZymeFlow LLCcoreStrategic or Co-development Partner · 7 September 2023ShawKwei acquired ZymeFlow in 2023. Founded over 35 years ago, ZymeFlow is the worldwide leader in hydrocarbon decontamination. Its eco-friendly patented products serve energy and chemical processing facilities in the US and globally, operating in over 55 countries. Now a wholly-owned subsidiary of Liberty Energy Solutions platform.
• ZymeFlow Thailand Facility AllianceminorStrategic or Co-development Partner · 1 September 2023Strategic alliance between CR3 and ZymeFlow to build a new facility in Thailand for on-site blending of specialty chemicals. This partnership enables decontamination solution capacity expansion across Asia, reducing lead times and costs for customers.
• CR3 Group (formerly CR Asia Group)coreStrategic or Co-development Partner · 8 November 2021ShawKwei acquired 100% stake in CR Asia Group in November 2021 for $101 million, rebranding it as CR3. CR3 is a leading energy engineering solutions provider operating across 18 Asian countries, India, and the Middle East with bases in Singapore, Thailand, India, Malaysia, and UAE. Now a wholly-owned subsidiary of Liberty Energy Solutions platform.
• Avery DennisonminorOthersShawKwei sold YongLe Tape to Avery Dennison (NYSE:AVY) in 2017 for $190 million plus up to $55 million earnouts. Avery Dennison is a global leader in pressure-sensitive and functional materials with operations in more than 50 countries.
• AkzoNobelminorOthersAkzoNobel acquired Schramm Holding from ShawKwei in October 2011 for US$201 million. AkzoNobel is the largest global paints and coatings company and major producer of specialty chemicals, headquartered in Amsterdam with activities in more than 80 countries.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• TR Capital: Asia-focused mid-market PE firm investing in industrial, consumer, and services companies across Asia. Closely comparable in fund size, sector focus, and partnership-driven value-creation approach.
• Affinity Equity Partners: Hong Kong-based mid-to-large cap Asia private equity firm. Highly comparable as a Pan-Asia control investor with industrial and consumer exposure, similar to ShawKwei's middle-market industrial focus.
• CDH Investments: Asia-focused private equity firm investing in middle-market industrials, consumer, and healthcare across Greater China and Southeast Asia. Operates in a similar sweet spot of Asian industrial buyouts and take-privates.
• PAG (Pacific Alliance Group): Asia-based alternative asset manager with significant private equity exposure to industrial, consumer, and services businesses across Asia. Comparable in fund size and Asian middle-market orientation.
• Navis Capital Partners: Southeast Asia-focused PE firm investing in middle-market consumer, industrial, and services businesses. Highly comparable regional focus, target company size, and operating-improvement approach.

Broad incumbents

• Bain Capital Asia: Global PE giant with dedicated Asia operations spanning industrials, consumer, and tech. Overlap with ShawKwei in Asian industrial buyouts and take-privates, but materially larger scale and broader sector mandate.
• CVC Capital Partners: Large global PE firm with deep Asia franchise investing across industrial, consumer, and services. Compares on Asia industrial take-privates and growth investments, though at significantly larger fund sizes.
• Platinum Equity: Operationally focused global PE firm with industrial and business-services emphasis. Comparable on the hands-on operating model and industrial carve-out thesis, though primarily US/Europe-led.
• AEA Investors: Operationally oriented middle-market PE firm with industrial focus. Comparable on middle-market industrial buyouts, though with a primarily North American mandate.

Emerging players

• Quadria Capital: Asia healthcare-focused PE firm with selective industrial exposure. Comparable in Asia regional presence and growth-stage orientation, though narrower sector mandate.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shaw Kwei & Partners