Asia-focused private equity firm Affinity Equity Partners has reportedly held a first close on its latest buyout fund, Affinity Asia Pacific Fund IV, with US$1.5 billion in commitments. The fund, which has a hard-cap of US$3.5 billion, will pursue control-oriented investments throughout Asia, with an emphasis on Australia, Greater China, Japan, South Korea, Singapore and Taiwan. Approximately 20 institutional investors including pension funds, sovereign wealth funds, funds of funds and family offices made commitments to the fund prior to the first close.