Baring Asia reaches $3.2b first close on Fund VI

LPs were informed of the close at the end of last week, according to a source familiar with the situation. AVCJ was previously told that the fund has a hard cap of $3.85 billion, not including the GP contribution, and it is expected to hit it before the end of the year. Baring declined to comment.

Disclosed investors in Fund VI include Pennsylvania Public School Employees' Retirement System (PSERS) - also an LP in Baring's previous three funds - which has committed $100 million, and San Francisco City & County Employees' Retirement System, which is putting in up to $50 million. The Arizona Public Safety Personnel Retirement System is investing $20 million.

The new vehicle is already the largest Baring has ever raised. Fund V closed at $2.46 billion in January 2011, beating its original target of $1.75 billion after just six months in the market. According to Oregon Public Employees' Retirement Fund, as of June 2014 Baring's fifth fund had delivered a total value multiple of 1.19x and an IRR of 9.9%.

The PE firm has exited two Fund V investments in 2014 - Chinese cosmetic facial masks specialist Magic Holdings International, which was bought by L'Oreal, and jewelry recycler Net Japan, which was sold to Japanese financial services group Orix Corp.

Also this year, Baring has invested in St George's University, a Grenada-based medical school, acquired a significant stake in UK lifestyle retailer Cath Kidston, participated in an investment in Chinese hog farmer and meat processor COFCO Meat, and led the privatization of Chinese online game developer Giant Interactive.

In addition, there have been IPOs for Nord Anglia Education andChina Shengmu Organic Milk in the US and Hong Kong, respectively.

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• Topics
• Fundraising
• Buyout
• Fundraising
• buyout
• Baring Private Equity Asia
• Asia
• Pennsylvania Public School Employees’ Retirement System (PSERS)