Asia-focused private equity firm Affinity Equity Partners has reached a final close of its fourth pan-Asian fund, raising a total of US$3.8 billion, US$300 million over its target of US$3.5 billion, according to media reports.
Limited Partners (LPs) of the firm’s latest fund include Washington State Investment Board, which put in US$300 million; Montana State Investment Board, Maine Public Employees’ Retirement System and New Mexico State Investment Council.
Affinity reached a first close of US$1.5 billion in March 2013, and a second close of US$2.5 billion in July last year.
In November 2013, Affinity invested US$123 million into a joint venture with Beijing Capital Agribusiness Group.
Affinity Equity Partners is formerly the private equity arm of UBS AG. It span out of UBS Capital Asia Pacific in 2004, and manages US$4 billion.