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The private equity firm will continue to focus on Europe's lower mid-market.
The mid-market specialist is targeting around $386m for its fourth fund since 2006, Private Equity International has learned.
LPs are opting to back larger, brand-name firms with more established track records in China, an industry conference in Hong Kong has heard.
Hahn & Company III is expected to close by the end of June and has already amassed $2.1bn, US pension documents show.
The buyout giant's China Fund I had the flexibility to invest in South-East Asia and the latest vehicle is understood to have an expanded mandate for the region.
The deal-by-deal firm is expected to target as much as A$300m when it comes to market in 2020.
Online fundraising platforms could become more common over the next decade, but obstacles to their growth remain
The Brazil-focused fund closed amid a tough fundraising environment for emerging markets private equity firms.
Lower returns in recent years have caused investors to pull back, leaving these regions ripe for investment, the Carlyle co-founder said.
The impact investor’s third fund is 75% larger than its predecessor and has already made five investments.