Bain Capital said to be eyeing $5b for latest APAC fund

US-based multi-asset alternative investment firm Bain Capital is seeking to raise $5 billion for its fifth Asia-Pacific fund, according to a Bloomberg report.

The investor is said be to eyeing a first close in December and a final close in Q1 2023.

The report added that the new fund has a hard cap of $6 billion, excluding senior management contributions.

Bain Capital reportedly closed its fourth APAC fund at $4.65 billion in December 2018. Fund III had raised around $3 billion while the first two APAC funds had collected a total of $3.3 billion.

In June this year, the firm secured over $2 billion for its second APAC special situations fund, the largest dedicated special situations fund in the region.

Last year, it raised over $1 billion for a debut Japan buyout vehicle.

In APAC, Bain Capital’s private equity team has invested over $11 billion in more than 50 transactions.

Some notable transactions are Japan’s Showa Aircraft Industry, healthcare software provider Linc’well and, most recently, a bid to acquire industrial group Toshiba, Nikkei reported.

Other investments include China-focused hospital operator Asia-Pacific Medical Group, budget airline Virgin Australia and India’s Axis Bank, among others.

Dry powder for the APAC region is still adding up. Blackstone earlier this year confirmed the close of its second Asia-focused private equity fund at $11 billion. Last year, KKR closed its record fourth Asia-focused buyout vehicle at $15 billion.

Another mega Asia fund is a $10.6-billion vehicle managed by Hillhouse Capital Group.

US asset management giant Carlyle is also seeking between $8 billion and $10 billion for its sixth fund for APAC.

Baring Private Equity Asia, which is being merged with EQT Group, is also targeting to raise $8.5 billion for its eighth Asia fund.

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