Baring Private Equity Asia Raises Record US$3.988 Billion Fund VI
Baring Asia VI is the largest PE Fund ever raised by an Asia-based PE Firm.
Fund VI closed at its hard cap; investors were scaled back from the first close due to excess demand.
New fund consolidates Baring Asia’s position as one of the largest dedicated Asian PE firms with 7 offices, over 110 staff and more than US$9 billion under advisory.
Baring Private Equity Asia (“Baring Asia”) today announced the closing of The Baring Asia Private Equity Fund VI (“Fund VI”), a private equity fund with US$3,988,000,000 in commitments. Fund VI, which reached its first close of $3.3 billion last year within four months of launching, closed at its hard cap and was heavily oversubscribed. Baring Asia is one of the oldest and most established firms in the region and has been investing in Asia since 1997.
Fund VI will continue the Firm’s successful strategy of partnering with management teams and entrepreneurs to support their growth in Asia through operational improvement, industry consolidation and cross-border expansion. The Fund will target companies in Asia, as well as those in Europe and North America with growth plans in Asia, in a broad range of sectors.
Jean Eric Salata, Founding Partner and CEO of Baring Asia said, “We are very grateful for the support we received from both our existing investors and the many new investors that chose to commit to Baring Asia VI. The success of the fundraise is a testament to the 18 years of hard work put in by our entire team in building our franchise and the strong execution capabilities of our portfolio company management teams in building great businesses.”
Commenting on Fund VI being 60% larger than its predecessor raised in 2011, “Although there was demand for a substantially larger fund, we capped capital commitments at a level we were comfortable we could invest well. We are seeing many more situations involving large scale companies and more control deals than we used to, so we expect the average investment amount per company also to be larger. Today Baring Asia has a team of 110 across Asia, twice the size of our team at the close of our previous fund”
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 $138 million, making them one of the largest investors in Fund VI.
Baring Private Equity Asia
Richard Barton, Newgate Communications
Grace Zhang, Newgate Communications