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The firm's private equity activity in Q4 was mostly in Europe and Asia, totalling a little less than half of $4bn of total investments.

Perpetual vehicles, which require no mandatory return of capital, are transforming the firm's asset base and earnings, president and COO Jonathan Gray said on a Q4 earnings call Thursday.

Public pension funds can no longer support funds which engage in monopolistic behaviour, said director of private equity Chris Schelling.

The fund, which could reach $1bn, will invest at least 25% of its capital in Africa.

Raising capital in multiple jurisdictions can bring challenges, warns one operating chief.

The move will enable roughly 85,000 DC members, representing around £1bn of funds, to select a private markets allocation within their investment programme.

The firm is also on track to open offices in Paris and Sydney before the end of March, according to its latest earnings announcement on Thursday.

The Thoma Bravo co-founder stays upbeat amid rising political risks and has some warnings for the private equity industry.

The firm has closed Baring Asia Private Equity Fund VII on its $6.5bn hard-cap.

The firm has been focusing on more institutional-quality opportunities in the region, according to its co-chief executive.