Arizona makes $60m Asia bet

Baring Private Equity Partners Asia is targeting commitments of $1.75bn for Baring Asia Private Equity Fund V.

The Arizona Public Safety Personnel Retirement System committed $60 million to Baring Asia Private Equity Fund V.

James Hacking, administrator of the $6.5 billion pension fund, said the commitment was made to diversify the pension’s private equity exposure. The pension fund has an 8 percent target for private equity.

Arizona last committed to private equity in October 2009. The pension committed up to $80 million to StepStone Group to manage private equity secondaries and venture capital, and $40 million to Stone Point Capital Trident V fund, which will invest in firms that provide global financial services.

Baring Asia began fundraising Fund V over the summer, according to PEO sister-publication PEI Asia.

Established in 1997, Baring Asia makes growth capital and mid-market buyout investments in companies with enterprise values of between $100 million and $500 million in sectors such as alternative energy, media, financial services, consumer and industrial. The firm is primarily focused on investments in China, India, Japan, Singapore, Hong Kong and Taiwan.

Baring Asia Private Equity Fund IV closed on $1.515 billion in May 2008, surpassing its $1 billion target. That fund received re-ups of 154 percent from existing investors and drew commitments from another 40 institutional investors, the firm said at the time of the predecessor fund’s close.

Baring Asia closed its third fund on $490 million in October 2006. In all, the firm manages assets of about $2.5 billion from offices in Hong Kong, Shanghai, Beijing, Singapore and Tokyo.