Asia-focused private equity firm Navis Capital Partners has reached a first close on its seventh Asia fund with US$860 million in capital commitments. The new vehicle, which has a target size of US$1.3 billion and a hard cap of US$1.5 billion, will focus on mid-market buyouts in Southeast Asia. Navis expects to reach a final close by the end of January 2014. The firm previously raised US$1.2 billion for its sixth fund in 2010.