PE firm Ultimus Asia plans to raise up to $1b for investments in Asia

A clerk counts Chinese yuan and U.S. dollar banknotes at a branch of Bank of China in Taiyuan

Ultimus Asia Limited, a private equity investment fund managed by Vanguard Fund Management, is planning to raise a total of $1 billion to invest in Asian markets, joining a wave of funds that seek to capitalize on the region’s growing middle class.

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