Emerging market-focused private equity firm Templeton Emerging Markets Group has reached a final close of its fourth emerging markets fund at over US$220 million, according to media reports.
The fund, named Templeton Strategic Emerging Marketing Fund IV (TSEMF IV), was launched in March 2012 with a fundraising target of US$300 million.
It is managed by a team within Templeton Asset Management (TAML) led by Mark Mobius, executive chairman of the group.
TSEMF IV seeks to capitalize on the favorable economic growth, strong long-term fundamentals and favorable demographics within emerging markets, including China, India, Southeast Asia, Russia and Central and Eastern Europe.
It focuses on undervalued companies with good management and growth prospects and competitive advantages where there exists an opportunity to create value through an injection of growth capital and business improvement initiatives.
Previously, Templeton raised its third emerging markets fund at US$180 million in March 2010. Its second emerging markets fund raised a total of US$132.5 million in 2005.