Baring Private Equity Asia (BPEA) confirmed the close of its eighth private equity fund with $11.2 billion, making it one of the largest private equity funds ever raised by an Asia-based firm.
The Baring Asia Private Equity Fund VIII pursues similar control investments to BPEA’s prior funds that invest across healthcare, technology services, business services, education, financial services, consumer and advanced manufacturing services.
“We operate in one of the most dynamic regions for private market investing, and the scale of BPEA Fund VIII positions our Firm well to capitalize on investment opportunities across the entire Asia Pacific region, future-proofing companies and making a positive impact through our active ownership strategy,” said Jean Eric Salata, chief executive and founding partner of Hong Kong-based BPEA, in a statement.
The $22 billion firm at the same time is preparing for the fourth quarter close of its combination with EQT. The latest fund attracted capital from local Asian investors as well as those allocators in North America and EMEA.
Investors included: CPP Investment Board ($600 million); Teachers’ Retirement System of Texas ($150 million); Teachers’ Retirement System of Illinois ($75 million); and Illinois Municipal Retirement Fund ($100 million).
BPEA’s previous Fund VII delivered as of June a gross internal rate of return of 38% and is one of the top-performing funds in its vintage, officials said.
Additionally, BPEA has established a sustainability-linked credit facility for BPEA Fund VIII. The facility is the largest of its kind in Asia.
