Baring pushes back final close on Fund VI to January

The GP was orginally expected to complete fundraising before the end of the year. The fund is substantially oversubscribed, having reached a $3.2 billion first close in October. The original target for the entire vehicle was $3 billion.

Disclosed investors in Fund VI include:Los Angeles City Employees' Retirement System (LACERS), Texas County & District Retirement System (TCDRS), Pennsylvania Public School Employees' Retirement System (PSERS), San Francisco City & County Employees' Retirement System, and the Arizona Public Safety Personnel Retirement System.

The new vehicle is 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. In addition, there have been IPOs for Nord Anglia Education and China Shengmu Organic Milk in the US and Hong Kong, respectively.

Baring's investments this year include: Japanese drug company Bushu Pharmaceuticals; St George's University, a Grenada-based medical school; UK lifestyle retailer Cath Kidston; Chinese hog farmer and meat processor COFCO Meat; and Chinese online game developer Giant Interactive.

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• Baring Private Equity Asia
• Fundraising
• Asia