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Asia Alternatives Capital Partners VI (AACP VI)
Asia Alternatives was co-founded in 2006 by Melissa Ma, who serves as Managing Partner and CEO, and Rebecca Xu, also Managing Partner. The firm was one of the...
Asia Alternatives Capital Partners VI (AACP VI)
Asia Alternatives was co-founded in 2006 by Melissa Ma, who serves as Managing Partner and CEO, and Rebecca Xu, also Managing Partner. The firm was one of the first institutional fund-of-funds dedicated solely to the Asian private equity market, bridging Western institutional capital with Asian investment opportunities. Its founding team brought together experience from Goldman Sachs, Morgan Stanley, and the Asian Development Bank. The firm's strategy spans private equity buyout, growth equity, venture capital, real assets, and infrastructure across Greater China, India, Southeast Asia, Japan, and Korea. AACP VI is the sixth vehicle in the main fund series; prior funds have committed capital to managers including Hillhouse Capital, DCP Capital, and Boyu Capital. The fund also reserves a portion for direct co-investments alongside GP partners, a growing part of the firm's approach. Asia Alternatives operates from offices in San Francisco, Beijing, and Hong Kong. As of early 2025, Asia Alternatives had raised over $11.5 billion in cumulative commitments since inception (per the firm's official communications). The team includes roughly 40 professionals across all three offices. The firm has also maintained a dedicated real assets and infrastructure program, reflecting the increasing institutional demand for Asian exposure in those sectors. In 2024, the firm was reportedly in market with AACP VI, targeting a fund size consistent with prior vintages. What distinguishes Asia Alternatives from many Asia-focused fund-of-funds is its deliberate two-country founding team (US and China) and its sourcing model: rather than relying solely on GP relationships, the firm maintains on-the-ground investment professionals in each major Asian market, providing it with proprietary visibility into fund selection and deal flow. Its governance structure as an independent, manager-led partnership — not a captive family office or bank — reinforces its institutional alignment.
General information
Firm type
Generic
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Sector focus
Frequently asked questions
Is AACP VI structured as a fund of funds or does it also make direct investments?
AACP VI is primarily a fund-of-funds vehicle, committing capital to third-party GP-led private equity funds. However, Asia Alternatives reserves a portion of each fund for direct co-investments alongside its GP partners. This hybrid structure allows institutional LPs to gain diversified exposure to Asia while also accessing specific direct deal opportunities.
What investment stages does Asia Alternatives typically target?
The firm covers the full spectrum of private equity stages, from growth equity and buyout to venture capital, as well as real assets and infrastructure. Its fund-of-funds approach means it can invest across vintages and stages through its GP selections, though it has a historical emphasis on middle-market and large-cap buyout in Asia.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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