LACERS commits to Baring Asia's sixth fund

Baring Asia Private Equity Fund VI reached a first close of $3.2 billion last month - exceeding the initial target of $3 billion for the entire fund - and is expected to close at the hard cap of $3.85 billion before the end of the year. The fund will invest in 20-25 portfolio companies, committing $50-300 million per transaction.

Other disclosed LPs include Pennsylvania Public School Employees' Retirement System (PSERS), San Francisco City & County Employees' Retirement System, the Arizona Public Safety Personnel Retirement System, and Texas County & District Retirement System (TCDRS).

LACERS had $13.9 billion under management as of June 2014, of which 9% was deployed in private equity against a target allocation of 12%. The pension system also had 5.1% in private real estate and 2.2% in credit opportunities. The private equity program had delivered a 10-year performance of 13.4% as of March 2014, with an IRR and multiple since inception of 11.4% and 1.5x, respectively.

LACERS' other Asia-focused GP relationships include AION Capital Partners, Hony Capital Fund V, Newbridge Asia IV and SSG Capital Partners II.

Baring Asia has raised over $4.5 billion across six funds. Its fifth fund closed at $2.46 billion in January 2011, beating its original target of $1.75 billion. Data released by Oregon Public Employees' Retirement Fund show that, as of June 2014, Baring's fifth fund had delivered a total value multiple of 1.19x and an IRR of 9.9%. All funds raised since inception have earned a total net IRR of 15.6%, according to LACERS.

The firm has 100 employees, including 51 investment professionals, located in offices in Beijing, Hong Kong, Jakarta, Mumbai, Shanghai, Singapore and Tokyo.

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• Topics
• Fundraising
• LPs
• GPs
• Baring Private Equity Asia
• Fundraising
• Asia
• LPs
• Los Angeles City Employees’ Retirement System (LACERS)