Asia Alternatives

What Asia Alternatives does

Asia Alternatives is a privately held, San Francisco-based investment management platform that operates exclusively as an Asia-focused private equity fund-of-funds manager. Founded in 2005 by Melissa Ma, Laure Wang, and Rebecca Xu, the firm invests with top-performing private equity fund managers across Greater China (Mainland China, Taiwan, and Hong Kong), Japan, Korea, Southeast Asia, India, and Australia, with diversification across buyout, growth and expansion, venture capital, and special situations strategies. The firm has raised six successive fund vehicles—Asia Alternatives Capital Partners I through VI (AACP I–VI)—with aggregate committed capital of approximately $15 billion in regulatory AUM across all vehicles and related parallel, feeder, and sleeve structures (notably an Ex-Japan sleeve in AACP IV and an ERISA parallel fund in AACP V).

The firm's core product is the AACP fund series, augmented by the LP Partnership Program, which bundles four components for institutional clients: LP education on Asia private equity markets, facilitated access to underlying fund managers through transparent reporting, co-investment opportunities, and best-practice reporting with dedicated client service. In 2011 the firm received the world's first and only Qualified Foreign Limited Partner (QFLP) license from the Shanghai government, enabling RMB-denominated investments, and in 2009 its Beijing office received a WFOE license. In 2018 the firm entered a joint venture with Franklin Resources (NYSE:BEN) to form Franklin Templeton Private Equity, LLC for global (non-Asia) private equity fund-of-funds solutions, with Franklin Templeton as majority owner and Asia Alternatives as a minority partner.

Asia Alternatives generates revenue through two primary streams: recurring management fees on assets under management across the AACP fund vehicles and carried interest on successful fund investments. The firm is 100% partner-owned (since August 2017) following a buyback of founding investor shares, employs over 50 professionals, and operates from offices in San Francisco, Hong Kong, Beijing, Shanghai, and Frankfurt (the last established in 2024). Its customers are institutional limited partners—pension funds, endowments, sovereign wealth funds, family offices, and similar allocators—accessed through a direct institutional sales motion, with no public pricing as transactions are structured as private placements with multi-year lockup terms.

Name

Asia Alternatives

Legal name

Asia Alternatives Management LLC

Website

https://asiaalt.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

Asia Alternatives is a privately held Asia-focused private equity fund-of-funds manager that invests with top-performing fund managers across Greater China, Japan, Korea, Southeast Asia, India, and Australia, serving institutional limited partners through six successive fund vehicles totaling approximately $15 billion in AUM.

Ownership category

akta.pro rank

Product category

Private Equity Fund-of-Funds Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Regional / Country-Focused Multi-Manager Platforms (FSANAGAI)

Keywords

• Private equity fund-of-funds
• Asia private equity
• Institutional investment management
• Alternative investments
• Fund management

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Management Fees: Annual management fees charged on assets under management across the fund-of-funds vehicles (AACP I through AACP VI and related parallel/feeder funds)
2. Carried Interest/Performance Fees: Performance-based carried interest from successful fund investments across the fund-of-funds portfolio

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Asia Alternatives is a private equity fund-of-funds manager that builds and manages a series of Asia-focused investment vehicles (AACP I through AACP VI, totaling approximately $15 billion in regulatory assets under management) that invest with top-performing private equity fund managers across Greater China, Japan, Korea, Southeast Asia, India, and Australia. The firm provides institutional limited partners with diversified exposure to buyout, growth, venture capital, and special situations strategies, complemented by an LP Partnership Program offering Asia PE education, GP access, co-investment opportunities, and transparent reporting.

Product overview

Asia Alternatives is a solution platform dedicated to helping institutional investors make investments in private equity across Asia. The firm operates as a fund-of-funds manager with six core fund vehicles (AACP I through AACP VI) that collectively manage approximately $15 billion in regulatory assets under management. These funds invest with top performing private equity fund managers across Asia, primarily in Greater China, Japan, Korea, South East Asia, India and Australia, diversified across buyout, growth and expansion, venture capital and special situations funds. The firm's LP Partnership Program provides educational resources, GP access, co-investment opportunities, and reporting services to limited partners. In 2018, Asia Alternatives entered a joint venture with Franklin Templeton to launch Franklin Templeton Private Equity, LLC for global private equity fund-of-funds solutions.

Differentiator

Problem solved

Functional benefit

Brands

• AACP: Asia Alternatives Capital Partners - Series of private equity fund-of-funds vehicles (AACP I through AACP VI)
• Franklin Templeton Private Equity, LLC

Products and services

• Asia Alternatives Capital Partners, LP (AACP I)
• Asia Alternatives Capital Partners II, LP (AACP II)
• Asia Alternatives Capital Partners III, LP (AACP III)
• Asia Alternatives Capital Partners IV, LP (AACP IV) and AACP IV Ex-Japan Investors, LP
• Asia Alternatives Capital Partners V, LP and Asia Alternatives Capital Partners V (ERISA), LP (AACP V)
• Asia Alternatives Capital Partners VI, LP and related parallel and feeder funds (AACP VI)
• Franklin Templeton Private Equity, LLC (FTPE)

Quantifiable outcome

• $15 billion AUM across 6 fund generations

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators4 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Grosvenor Capital Management: Diversified alternative asset manager offering PE fund-of-funds and multi-manager solutions to institutional clients — overlapping FoF model with a larger multi-strategy platform.
• Ardian: Paris-headquartered private investment house offering PE fund-of-funds, direct funds, secondaries, and co-investments — a global incumbent with comparable multi-manager capabilities and broad LP relationships.
• Hamilton Lane: Large publicly-listed private markets investment manager offering fund-of-funds, separate accounts, and co-investment solutions to institutional LPs globally — comparable FoF franchise with substantially broader scale and product breadth.
• HarbourVest Partners: Global private markets investment manager providing fund-of-funds, secondary, and co-investment solutions — comparable FoF business serving institutional LPs across regions including Asia.
• Partners Group: Swiss-listed global private markets investment firm managing PE, infrastructure, real estate, and debt — overlapping institutional LP base and broad alternative asset mandate, though heavier on direct investing.
• StepStone Group: Public global private markets investment firm focused on fund-of-funds, co-investments, and secondaries — directly comparable in FoF model with substantially larger AUM and broader geographic reach.

Direct peers

• Axiom Asia Private Capital: Asia-dedicated private equity fund-of-funds manager offering institutional LPs diversified exposure to Asian buyout, growth, and venture capital managers — the closest direct competitor to Asia Alternatives in mandate and geography.
• LGT Capital Partners: Switzerland-headquartered global private equity fund-of-funds and multi-manager platform serving institutional and family office LPs — directly comparable in business model and LP base, with deeper European penetration.
• Pathlight Capital: Asia-focused private equity fund-of-funds manager — a regional FoF peer historically targeting institutional LPs seeking diversified Asian PE exposure.
• Franklin Templeton Private Equity: Global private equity fund-of-funds platform launched in 2018 as a joint venture between Asia Alternatives and Franklin Resources — Asia Alternatives holds a minority stake and serves as the JV's Asia specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/alternative-management-limited

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Asia Alternatives