Pan-emerging markets private equity firm Actis has closed its third energy fund, Actis Energy 3, with US$1.15 billion in capital commitments. The fund was oversubscribed, exceeding its original target of US$750 million. Investors in the fund include public pension funds, sovereign wealth funds and families from the United States, Europe and Asia. Actis Energy 3 will invest in electricity generation and distribution businesses in Latin America, Africa and Asia, and has already committed US$560 million to investments. Separately, Actis sold its 82 percent shareholding in India-based Sterling Hospital, a healthcare provider in Gujarat, to Addlife Investments, a company promoted by Girish Patel, the current chairman of Sterling Hospital. Actis originally invested in Sterling Hospital in 2006.