Baring to track Asian technology

The private equity division of ING group is half way through fundraising for a new $400m Asian venture capital fund.

Baring Private Equity Partners Asia (BPEA) have announced the first closing, at $206m, of a new $400m venture capital fund that will track Asian technology companies.

ING Group, BPEA’s Dutch banking parent, has invested $75m in the fund. Additional cash was provided by investors including Invesco and CDP Capital.

The effort is BPEA’s second foray into Asian technology capital and comes after the firm’s first fund dedicated to the region, a $305m vehicle raised in 1998.

Private equity investors have been approaching the Asian market with some caution for some time after the region’s difficulties in recent years. But BPEA said it saw a growing need to finance start-ups and spin-offs from large Asian technology companies.