Orchid Asia raises $1.3bn

The Hong Kong-based firm closes its largest fund in four months.

Orchid Asia held a final close at $1.3 billion for its Orchid Asia VII. The firm began fundraising in October 2017. Pennsylvania Public School Employees’ Retirement System is one of the investors of the fund.

The fund’s predecessor closed at $920 million in August 2014.

The firm will target a growth equity strategy in a diverse number of sectors in China.