Warburg Pincus, announced Wednesday the close of Warburg Pincus China-Southeast Asia II, a companion fund to its latest global growth fund, at $4.25 billion.
The companion fund will invest on a 50-50 basis alongside Warburg Pincus Global Growth, which closed late last year with $14.8 billion in capital committed for growth investments.
A Warburg Pincus news release said the fund's investments will focus on high-growth areas, including "mobility, consumption, urbanization, mobile technology, health care and the ongoing evolution of the financial sector" in China and throughout Southeast Asia.
The fund, launched at the start of 2019, had targeted a fund size of $3.5 billion but ended up attracting commitments in excess of the $4.25 billion hard cap Warburg Pincus had set, the news release said.
The fund's predecessor was Warburg Pincus China, a $2.2 billion companion fund that closed in December 2016.
Institutional investors making allocations to the fund include the $97.1 billion St. Paul-based Minnesota State Board of Investment, which announced a commitment of up to $50 million, and the $76.5 billion Trenton-based New Jersey Pension Fund, which announced a commitment of up to $100 million.
Warburg Pincus is a New York-based firm with more than $62 billion in private equity assets globally.
