Russian private equity firm Baring Vostok Capital Partners has closed its fifth Russia-focused fund, Baring Vostok Private Equity Fund V, at US$1.5 billion. The fund is divided into two components: a US$1.15 billion main fund which operates as a traditional private equity fund and a US$350 million co-investment fund. Baring Vostok surpassed the US$1.3 billion raised for its previous fund and exceeded its initial target for the fifth fund, which was also US$1.3 billion.