L Capital Asia, the Asian private equity business sponsored by global luxury goods distributor LVMH Group, LVMH’s chairman and chief executive officer Bernard Arnault’s holding company Groupe Arnault and Malaysian conglomerate YTL, has made a first and final close on its second fund at US$950 million, reaching the fund’s hard cap. L Capital Asia II, which was originally targeting US$800 million, will make investments in Asia’s luxury retail and branded goods sectors. Investors in the fund include sovereign wealth funds and pension funds from North America, Europe and Asia.