(Bloomberg) -- Baring Private Equity Asia Ltd. has gathered about $11 billion as it wraps up commitments for a fund that’s set to be the biggest pool of capital in the firm’s history, according to people familiar with the matter.

The Hong Kong-based investment manager raised about 70% more than an earlier $6.5 billion Asia fund, and may announce the final closing as soon as this month, the people said, asking not to be identified because the details are private. The firm has already invested 15% of the new capital, the people said.

A media representative for Baring in Hong Kong declined to comment.

Baring’s fundraising shows appetite remains intact for private equity investments in Asia despite growth sputtering in China, the region’s biggest economy. A survey of alternative investors by research firm Preqin showed half of the 350 respondents viewed Southeast Asia as the best opportunity within emerging markets at the end of last year, up from 37% a year earlier, while they were also delaying planned capital commitments into China.

Private equity transactions are down about 30% this year after a record in 2021, though volume of $971 billion remains high relative to history, according to data compiled by Bloomberg.

BPEA, founded by Jean Eric Salata, is seeking to expand its cross-border dealmaking capability after Sweden’s EQT AB earlier this year agreed to acquire the firm for $7.5 billion. BPEA, which has about $21 billion under management, is dedicated to the Asian region, investing in mid- to large-sized firms, according to its website.

Rivals including Carlyle Group and PAG are in the process of gathering new money, while Bain Capital is also marketing a new Asia fund.

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