Asia-focused alternative asset manager Baring Private Equity Asia (BPEA) has reached a final close for its second real estate fund with US$1 billion in capital commitments. Investors in the fund include U.S.-based pension funds, such as Texas County & District Retirement System, Employees Retirement System of Texas and State of Maine Public Employees Retirement System, endowments, foundations and insurance companies. The fund will focus on Hong Kong, Japan, Philippines, South Korea, Australia, Singapore, India, Thailand, Malaysia and China.