Hong Kong-based Baring Private Equity Asia (BPEA) closed its eighth pan-Asian fund at $11.2 billion, the largest in the firm's history, the firm said in a statement on Tuesday.

BPEA's final close, which exceeded its initial target of $8.5 billion and is also 70% more than its previous fund, is also one of the largest private equity funds raised in Asia this year.

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