Asian private equity fund-of-funds Asia Alternatives has announced the final close of over US$1.5 billion in commitments across several funds. The largest fund to close was Asia Alternatives Capital Partners III (AACP III), which closed at US$908 million, above its US$800 million target. The other fund vehicles closed with approximately US$600 million in total commitments. Asia Alternatives focuses on local fund managers in Greater China, Japan, South Korea, Southeast Asia, India and Australia across buyout, growth, venture capital and special situations funds.