Bain Capital has completed the final close of its fifth pan-Asia private equity fund at $7.1 billion, exceeding its target by 40%, the U.S. investment firm told Reuters, amid a challenging macroeconomic and geopolitical environment that has otherwise impeded fundraising worldwide.

Bain Capital said the firm itself committed $750 million to Bain Capital Asia Fund V, alongside existing and new investors.

At $7.1 billion, the fund is Bain Capital’s largest to date for Asia and also the region’s largest private equity fund raised this year, per Preqin data.

Bain Capital’s fundraising close comes as global investors confront geopolitical uncertainties, a higher interest environment, market volatility and macroeconomic headwinds in many markets.

“If you’ve got the right track record, a consistent commitment across the region, and the right platform, there is demand, because a lot of investors are under-penetrated in Asia,” David Gross, Bain Capital’s Asia managing partner, said late on Monday.

Asia-focused fundraising totalled $73 billion so far this year, nearly half of 2022’s annual amount and less than a third of the $299 billion raised in 2021, Preqin data shows.

Bain Capital, which started fundraising in the second half of 2022, had an initial target of $5 billion.

Reuters