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.