Hong Kong-based Baring Private Equity Asia (BPEA) has closed its eighth pan-Asia fund at $11.2 billion, the largest in the firm’s history, the firm said in a statement.
BPEA’s final close, which exceeded its $8.5 billion initial target and is also 70% more than its previous fund, is also one of the largest private equity funds raised in Asia this year.
The final closing of the new fund, which is expected to continue BEPA's strategy of investing in mid- to large-sized firms in Asia, may be announced as early as the end of this month. Around 15 per cent of the capital raised has already been invested. The firm has already invested 15% of the new capital, the people said.
Several rivals to BEPA, which was acquired by Sweden’s EQT AB earlier this year for $7.5 billion, including Carlyle Group and PAG are in the process of fundraising, while Bain Capital is also reportedly marketing a new Asia fund.