Asia-Pacific-focused private equity investor Morgan Stanley Private Equity Asia (MSPEA) has closed its fourth Asian fund with approximately US$1.7 billion in capital commitments, surpassing its initial target of US$1.5 billion. Investors included Oregon Investment Council, Pennsylvania Public School Employees' Retirement System and the University of Michigan endowment. Fund IV will pursue a combination of minority and control investments in public and private mid-sized businesses, with a focus on the consumer, financial services and industrial products sectors. MSPEA has already invested in two companies through Fund IV: India-based non-banking financial company Janalakshmi Financial Services and South Korea-based tissue paper manufacturer Monalisa.