The private equity arm of Franklin Templeton has closed its Templeton Strategic Emerging Marketing Fund IV on $220 million, according to a statement.
Fund IV launched in 2012 with a $300 million target. The fund has made three investments totalling $59 million, including the most recent investment, Turkish discount food retailer Sok Marketler Ticaret.
Templeton’s previous emerging markets fund, Templeton Strategic Emerging Markets Fund III, closed on about $147 million in 2009, missing its $500 million target, according to Private Equity International’s Research and Analytics division. The fund received commitments from the Pennsylvania State Employees’ Retirement System and Malaysian pension fund, Kumpulan Wang Persaraan (KWAP), according to PEI data.
The funds invest in small- and mid-sized undervalued companies in a number of sectors and emerging markets, with China, India and Russia being the largest prospective countries. Other potential target companies for Fund IV exist in Croatia and Slovenia, according to the statement.
Templeton Emerging Markets Group is led by executive chairman Mark Mobius in Singapore. The team manages more than $47 billion as of 31 December, 2013. The emerging markets group is a subsidiary of San Mateo, California-based Franklin Templeton Investments, which manages more than $882 billion of assets as of 28 February.