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South Korean tech giant SK has formed a $1bn investor club with China's Legend Holdings to back a semiconductor firm and Legend Capital's funds.
The fund initially targeted as much as $6bn and was due to close on more than $7bn in the first quarter of this year.
Blackstone's Capital Partners VIII heads a list including Ardian, Vista and Shanghai International Group.
The firm has introduced a catch-up clause and increased the management fee in Fund II, PEI understands.
Advent International's $17.5bn ninth flagship and Warburg Pincus's $4.3bn China-SEA II are among the largest funds that closed last month.
David Li's firm had previously raised around $871m in Chinese yuan across two funds, one of which is sponsored by Chinese ride-hailing business UCAR.
The firm has raised the capital across its eighth flagship fund and an accompanying healthcare sidecar vehicle.
The vehicle, which is targeting $375m, is Northlane Capital’s first as an independent manager.
The guidelines for best practice incorporate several key issues for limited partners, including GP-led secondaries, subscription credit lines and co-investments.
Key findings from the LP body’s latest best practice guidance.