Baring Private Equity Asia closed its Baring Asia Private Equity Fund VII with $6.5 billion in capital commitments, a news release from the Hong Kong-based firm said.
The fund will focus on mid- and large-cap buyouts in the Asia-Pacific region and invest in global firms that can benefit from further expansion into Asia-Pacific. The fund will target firms in the health care, education, information-technology services and software, business services, financial services, consumer and advanced manufacturing sectors.
Fund VII exceeded its target by $1 billion and is more than 60% larger than its predecessor fund, Baring Asia Private Equity Fund VI, which closed on $4 billion in 2015.
Investors in Fund VII include:
- The $157.6 billion Texas Teacher Retirement System, Austin.
- The £45 billion ($58 billion) Border to Coast Pensions Partnership, Leeds, England.
- The $54.1 billion Maryland State Retirement & Pension System, Baltimore.
- The $43.8 billion Illinois Municipal Retirement Fund, Oak Brook.
- The $32.1 billion Texas County & District Retirement System, Austin.
- The $28.6 billion Texas Employees Retirement System, Austin.
- The $24.9 billion Los Angeles Fire & Police Pension System.
- The $11.6 billion Louisiana State Employees' Retirement System, Baton Rouge.
- The $10.5 billion Arizona Public Safety Personnel Retirement System, Phoenix.
- The $8.5 billion Rhode Island Employees' Retirement System, Providence.