Baring Private Equity Asia has reportedly reached a first close for its seventh flagship fund with US$4.5 billion in capital commitments. Investors in the fund include Rhode Island State Treasury Public Pension Fund, which committed US$50 million, Teacher Retirement System of Texas and Canada Pension Plan Investment Board, as well as various sovereign wealth funds and North American pension funds. The fund, which is seeking US$5.5 billion in total commitments, will focus on buyout and growth equity opportunities across Asia.