HONG KONG, Nov 21 Reuters Bain Capital has completed the final close of its fifth panAsia private equity fund at 7.1 billion, exceeding its target by 40, the U.S. investment firm told Reuters, amid a challenging macroeconomic and geopolitical environment that has otherwise impeded fundraising worldwide.

Bain Capital said the firm itself committed 750 million to Bain Capital Asia Fund V, alongside existing and new investors.

At 7.1 billion, the fund is Bain Capital39;s biggest to date for Asia and also the region39;s largest private equity fund raised this year, according to Preqin data.

Bain Capital39;s fundraising close comes as global investors confront geopolitical uncertainties, a higher interest environment, market volatility and macroeconomic headwinds in many markets.

If you39;ve got the right track record, a consistent commitment across the region, and the right platform, there is demand, because a lot of investors are under penetrated in Asia, David Gross, Bain Capital39;s Asia managing partner, said late on Monday.

Asiafocused fundraising totalled 73 billion so far this year, nearly half of 202239;s annual amount and less than a third of the 299 billion raised in 2021, Preqin data shows.

Bain Capital, which started fundraising in the second half of 2022, had an initial target of 5 billion.

Japan is an area of focus for the latest fund, Gross said.

Bain Capital has led 26 investments in Japanese businesses totalling more than 6.7 billion, including…