Baring Asia targets $1.75bn for Fund V

The pan-Asian private equity firm closed its prior fund on $1.52bn in May 2008.

Baring Private Equity Partners Asia, a pan-regional firm, is set to start fundraising for its fifth private equity fund, an LP source confirmed to PEI Asia. The firm is targeting commitments of $1.75 billion for Baring Asia Private Equity Fund V and will start fundraising soon, the source said.

Baring Asia declined to comment.

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 is currently investing from Baring Asia Private Equity Fund IV, which 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.

Limited partners in that fund included Pennsylvania Public School Employees Retirement System, Pantheon, Global Investment House, Ontario Municipal Employees Retirement System, Partners Group, University of Texas Endowment, Universities Super Annuation Scheme of the UK, as well as Goldman Sachs Asset Management.

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.