Asia Alternatives Management raises $1.8 bn

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Asia Alternatives Management has raised $1.8 billion across its main fund and separate pockets. The firm raised $1.5 billion for the Asia Alternatives Capital Partners V, surpassing the $1.3 billion target, and raised another $300 million in sidecar vehicles and discretionary separate accounts.

About 85 percent of the commitments came from the firm’s existing investors. Institutional investors in the fund include Cathay Life Insurance, Florida State Board of Administration, Massachusetts Mutual Life Insurance Company and Minnesota State Board of Investment.

The fund’s predecessor raised $1.8 billion in April 2015.

The fund will target co-investment strategy in a diverse number of sectors in Asia-Pacific.