Snapshot: Baring Private Equity Asia takes its time

Baring Asia Private Equity Fund VI closed in February on $4bn, but the firm is not in a rush to make acquisitions.

Baring Private Equity Asia, which raised $3.99 billion for its sixth fund that closed in February, is taking its time to make acquisitions, it is understood.

Acquisitions from the fund include the purchase of Orangefield Group, a global fund administration and corporate services firm, through AAC Capital Partners in July.

The acquisition will be Baring Asia’s second investment into the corporate and trust services industry and follows the execution in May of an agreement to acquire Vistra Group, also through Fund VI.

Baring PE Asia acquired a majority stake in Vistra, which provides company formation, trust, corporate and fund administration services, for just over £1 billion ($1.5 billion; €1.4 billion), as previously reported by Private Equity International.

The private equity firm is also one of the largest investors in the education sector in Asia, including companies like PSB and Nord Anglia Education, which listed in 2014 on the NYSE. It is understood to be continuing to invest in defensive sectors, like education.

Other recent acquisitions include taking a 40 percent stake in Weetabix Food Company, the UK-based manufacturer of cereals and cereal bars, announced in September. The firm is working with Bright Food, the controlling shareholder of Weetabix, to drive expansion in China, according to a company statement.

In February, the company announced the closing of Baring Asia Private Equity Fund VI on its hard-cap of $3.98 billion. The fund held its first close on $3.3 billion in October 2014 within four months of launching, and was heavily oversubscribed, as reported by PEI.

Baring is one of the largest and most established independently owned private equity firms in Asia with $9 billion of commitments under management. It has seven offices across Asia.