Fundraising of the Year – Large Cap
(Fund size - USD 3bn and above)

Bain Capital Asia Fund VI (Bain Capital)

Bain Capital closed its sixth Asian fund in May 2026 on USD 10.5bn, including USD 1.4bn in internal commitments. The manager typically seeks to be the single largest investor in all its funds globally. The fundraising process began in mid-2025 with a target of USD 7bn, and a first close of unspecified size took place in 4Q25. The fund was substantially oversubscribed, enabling Bain to exceed the USD 7.1bn – including USD 750m in internal commitments – secured for Fund V. Japan, India, and China are the core geographies for Fund VI, with deals elsewhere in Asia addressed on an opportunistic basis.

Blackstone Capital Partners Asia III (Blackstone)

Blackstone closed its third Asian fund at the hard cap of USD 13.1bn in June 2026, exceeding the USD 10bn target. The fundraising process began in early 2025 and a first close of around USD 4.4bn came in 2Q25. The firm raised more than twice as much as in the prior vintage. While Fund II had a corpus of USD 11bn, it included an allocation of USD 4.6bn from Blackstone’s global funds. In Fund III, there is no such allocation. Blackstone claims to have deployed USD 7bn region-wide in the last 24 months, with an emphasis on Japan and India.

BPEA Private Equity Fund IX (EQT)

EQT closed the largest pool of private equity capital ever raised for Asia in April 2026, having secured USD 15.6bn for its ninth fund. It launched in August 2024, with a target of USD 12.5bn, and a first close of more than USD 10bn came within eight months. Four-fifths of investors in Fund VIII – which closed on USD 11.2bn – re-upped in the new vintage, increasing the size of their commitments by an average of 13%. There were also over 75 new LPs. EQT returned USD 14bn from its Asia PE business in the 12 months prior to the final close.

MBK Partners Fund VI (MBK Partners)

MBK Partners closed its sixth North Asia buyout fund on USD 5.5bn in December 2025. The firm fell short of the USD 7bn target, but it is still the largest fund raised by a non-global manager in Asia in three years. The fundraising process began in August 2023. There was a first close of USD 3.5bn in 4Q24 and a second close of USD 5bn in November 2024. The re-up rate among major LPs was 80%. North America and the Middle East were the largest contributions on a geographic basis. In 2025, MBK deployed USD 2.9bn and distributed USD 2.4bn.