US-based investment firm Bain Capital has raised $7.1 billion for its latest Asia-Pacific buyout fund, according to a report by Bloomberg, citing anonymous sources close to the matter.
The sources reportedly said that the amount comprises $6.3 billion from investors and $750 million in co-investments from employees.
This is Bain’s fifth buyout fund for the region. Its predecessor fund, which closed in December 2018, raised $4.65 billion.
The higher fundraising comes as a pleasant surprise amid the so-called funding winter aggravated by global geopolitical tensions and macroeconomic uncertainties.
Bain reportedly started raising for the new fund in July 2022 and had initially targeted a final close in the first quarter of this year, aiming for $5 billion with a remit to grow to $6 billion.
The firm was said to be diversifying its investments across Asia in response to increasing challenges in investing in China. The company has reportedly stepped up dealmaking in India and Japan, with Japan accounting for over 35% of the investments in its previous fund.
The company has also been active in Vietnam. In October, Bain announced that it will be investing at least $200 million in the conglomerate Masan Group, with executives later saying the company is planning to further double down on the country.
According to its website, the firm currently has some $180 billion in assets under management.