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Bain to close 4th pan-Asia fund in December

Bain Capital Holdings LP plans to hold the first and only close for its Bain Capital Asia Fund IV LP fund, which is seeking equity commitments of $3.5 billion, in December, Private Equity International reported, citing a Sept. 24 public investment memorandum from the Commonwealth of Pennsylvania Public School Employees' Retirement System.

Pension fund staff, who noted that the fund is oversubscribed, recommend investing $200 million in the fund, and they expect to be accepted for at least $130 million.

The system previously committed $100 million to Bain's Asia Fund II and $130 million to its Asia Fund III, according to the memo. The $2.0 billion Fund II delivered a 25.3% net internal rate of return, or IRR, while the $3.0 billion Fund III had a 60.9% IRR, according to the document.