Asia-focused buyout fund manager Affinity Equity Partners has reached a second close on Affinity Asia Pacific Fund IV with US$2.5 billion in commitments. Investors in the fund, which reportedly has a hard cap of US$3.5 billion, include Washington State Investment Board, Montana State Investment Board, Maine Public Employees’ Retirement System and New Mexico State Investment Council.  The fund recently completed its first investment, acquiring a majority stake in South Korea-based digital music platform Loen Entertainment for approximately US$238 million. Affinity’s previous fund, Affinity Asia Pacific Fund III, closed in 2007 with US$2.8 billion in commitments.