PRIVATE EQUITY | Cesar Tordesillas, China

Romney's Bain Capital raises $2.3B for second Asia fund

Bain Capital LLC has completed fundraising for its second Asia fund, closing at $2.3 billion.


The private equity firm was co-founded by Republican presidential hopeful Mitt Romney,

"Bain just completed raising its second fund in Asia at $2.3 billion," said Bain Capital Managing Director Craig Boyce.

Bain's fundraising close comes at a challenging time for private equity. The number of private equity funds seeking money from investors reached an all-time high in the second quarter, while those which completed fundraising hit a record low, according to data released by market research firm Preqin last week.

The successful fundraising could boost Bain's efforts to raise money for its global buyout vehicle, its flagship Bain Capital Fund XI, which people familiar with the matter told Reuters in May is looking to raise $6 billion.

Bain offered Bain Capital Asia Fund II investors the option of either a 2 percent management fee and a 20 percent carried interest with a 7 percent hurdle rate, or 1 percent management fee and 30 percent carried interest with a 10 percent hurdle rate.

Bain's first Asian fund raised $1 billion but the firm has invested $4.4 billion in total so far in the Asian region, Boyce said. Its investments include Jupiter Shop Channel, a 100 billion yen ($1.3 billion) deal, making it Japan's largest private equity transaction this year, and Domino's Pizza franchise in Japan.

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