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Our Bureau

New Delhi , Sept. 11

Baring Private Equity Asia Group announced that it has raised $490 million for a new Asian private equity fund, the `Baring Asia Private Equity Fund III', to target mid-sized companies in China, India, Singapore, Taiwan, Hong Kong and Japan that need equity for expansion or management buy-outs.

The fund received a strong investor response and was nearly twice the size of its predecessor, Fund II. Following the closing, Baring Asia's funds under advisory now total over $1 billion in assets, a Baring release said.

The fund attracted investment from a wide range of institutional investors including Invesco, Deutsche Bank, Pantheon, SEDCO, Dow Employees' Pension Plan, Singapore's TIF Ventures, United Overseas Bank, Pennsylvania PSERS and the Kuwait Investment Office, it said.

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