Baring Private Equity Asia raises $11.2 billion in its largest buyout fund

Baring Private Equity Asia raises $11.2 billion in its largest buyout fund

HONG KONG : Hong Kong-based Baring Private Equity Asia (BPEA) has closed its eighth pan-Asia fund at $11.2 billion, its largest, the firm said on Tuesday.

BPEA’s final close, which exceeded its $8.5 billion initial target and is also 70 per cent more than its previous fund, is also one of the largest private equity funds raised in Asia this year.

The fundraising closed amid global macroeconomic and geopolitical uncertainties that have made it a challenging time for investment managers.

As of Sept. 2, a total of $82 billion was raised by Asia-focused private equity funds, compared with 2021’s full-year amount of $226 billion, according to data provider Preqin.

Founded by Chilean dealmaker Jean Salata in 2000, BPEA has made over 100 investments and achieved $18 billion in realised capital over the years, according to its website.

The firm agreed in March to merge with Sweden-based peer EQT AB in a cash and shares deal worth 6.8 billion euros. Salata will continue to lead the Asia business after the merger is completed.

The transaction is expected to close in the fourth quarter, BPEA said in Tuesday’s statement.

BPEA closed its last pan-Asia fund, BPEA Fund VII, in January 2020 at $6.5 billion. That fund had achieved a 38 per cent internal rate of return as of June, the firm said on Tuesday.

The latest fund attracted over 180 investors, including over 70 new investors, said a person with direct knowledge of the matter.

Existing investors committed approximately 1.3 times the commitments to the new fund compared with the previous fund, the person added.

BPEA declined to comment.

The latest fund’s investors include CPP Investments and Employees Retirement System of Texas, according to public disclosures.

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