Baring Asia raises $4bn for sixth Asia private equity fund
Visitors take photos of Hong Kong's financial district, featuring Chinese New Year decorations, on 12 FebruaryReuters

Baring Private Equity Asia (Baring Asia) has raised $3.99bn (£2.58bn, €3.52bn) for its sixth Asia fund, the second-largest private equity funding ever for investments targeting the region.

The Baring Asia Private Equity Fund VI is 60% larger than its predecessor, raised in 2011, and exceeds its target of $3.3bn, the firm said in a statement.

The fund will target companies in Asia, and those in Europe and North America that are looking to expand their footprint in Asia, it added.

Hong Kong-based Baring Asia said: "Investor commitments came from institutional investors across the globe including North American pension funds, Asian and Middle East Sovereign Wealth Funds, Endowments and Funds of Funds. The over-subscribed fund consisted of many existing investors as well as several new investors.

"The Firm's partners are committing $138m, making them one of the largest investors in Fund VI."

Jean Eric Salata, founding partner and CEO of Baring Asia commented: "...The success of the fundraise is a testament to the 18 years of hard work put in by our entire team..."

Baring Asia currently has over 30 portfolio companies across Asia with a total of 95,000 employees and sales of approximately $30bn in 2014.

The latest Baring fund has surpassed the $3.9bn that Carlyle Group raised for its fourth Asia fund last year, and is second only to KKR's $6bn Asia fund raised in 2013.