US investment firm Bain Capital has closed Bain Capital Asia Fund VI, raising $10.5 billion in private equity capital, including approximately $9.1 billion of external commitments; this was well above the $7 billion target.
Following the firm’s usual practice across all its funds, Bain’s partners, employees, and related entities committed the balance of capital and collectively represent the single largest investor in the fund.
According to a May 17 media release, the close comes as Bain Capital marks 20 years of investing in Asia. The firm said the fundraising reflected investor confidence in its regional private equity platform spanning Japan, India, China, Australia and Korea, where it has nearly 200 investment and operating staff.
The Boston-headquartered firm added that the latest fund will help it target complex and change-oriented situations, including corporate carve-outs, founder transitions, industry consolidation, domestic restructuring and cross-border growth opportunities.
Yuji Sugimoto, partner and head of Asia private equity at Bain Capital, said: “Bain Capital’s private equity business has always been built around helping companies realise their full potential through operational improvement, strategic change, and close partnership with management teams.”
Tokyo-based Sugimoto added: “Over the past 20 years, we have built those capabilities into our Asia platform in a way that combines local insight with the broader strengths of Bain Capital, and that has enabled us to deliver strong outcomes for our investors and partner companies across market cycles.”
The firm’s fifth Asia fund closed in 2023 with $7.1billion of funding amid a challenging macroeconomic environment and geopolitical tensions, according to a Reuters report.
Earlier this year in April, EQT’s BPEA Private Equity Fund IX (BPEA IX) reached its hard cap with $15.6 billion in total commitments, becoming the largest-ever Asia Pacific (Apac)-dedicated private equity fund raised to date.
