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Baring Asia gets $300m fund commitment via HSBC private bank

Tuesday, April 09, 2019

(AVCJ by Tim Burroughs) - HSBC Private Bankin  has raised approximately $300 million from its clients for Baring Private Equity Asia's latest pan-regional fund. 

HSBC established a feeder vehicle to accommodate commitments from investors in markets such as the US, Luxembourg, Switzerland, Hong Kong, and Singapore. It claims to have been the only global private bank with access to the vehicle. Baring opened the data room for the fund in early 2018, revealing a target of $5.5 billion.

A first close of $4.5 billion came last July and the hard cap is said to have been set at $6.5billion. LPs that have disclosed their participation include Employees Retirement System of Texas, Teacher Retirement System of Texas, Los Angeles City Employees’ Retirement System, and Los Angeles Fire & Police Pensions.

The strategy is like that of the GP’s previous vehicle, which closed at $3.98 billion in early 2015. It pursues control-oriented buyouts of mid to large businesses with enterprise values of $500 million and above. Baring primarily focuses on China, Japan, Korea, India and Southeast Asia, but it has also acquired numerous companies that are headquartered outside of Asia and looking to tap growth in the region.


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