HSBC Raises $1.5 Billion Asia PE Fund

HONG KONG (Reuters) – HSBC Plc’s (HSBA.L: Quote, Profile, Research, Stock Buzz)(0005.HK: Quote, Profile, Research, Stock Buzz) Asian private equity arm said on Monday it completed fundraising for a $1.5 billion fund, securing the investment despite a difficult market.

The UK-based lender said its HSBC Private Equity Fund 6 LP exceeded its target of $1.25 billion in commitments. The new fund has invested $175 million thus far in three Asian companies, the bank said.

Last week, rival private equity firm CCMP Capital Asia said it had raised $1.2 billion for its third buyout fund.

(Reporting by Tony Munroe; Editing by David Cowell)