Despite the current challenging fundraising environment, Bain Capital has held the final close of its fifth pan-Asia private equity fund 40% above target with $7.1bn in total capital commitments, according to a report by Reuters.
Bain Capital has committed $750m of the total raised alongside existing and new investors.
The report cites data from Preqin as showing that the fund is Bain Capital’s largest to date for Asia and also the region’s largest private equity fund raised this year so far this year. Fundraising started in the second half of 2022, with Bain Capital initially targeting $5bn.
The above target final close comes amid a slump in Asia-focused fundraising, with data from Preqin revealing that a total of $73bn has been raised for far this year, less than half of the amount seen in 2022, and less than a third of the $299 billion raised in 2021.