China- and Southeast Asia-focused private equity firm NDE Capital has reached a third close for NDE Capital II with US$357 million in capital commitments. The fund, which has surpassed its initial US$350 million hard cap, is reportedly targeting US$450 million in total capital commitments. Investors in the fund include development finance institution DEG, sovereign wealth funds, university endowments and foundations across Asia, the Middle East, North America and Europe. NDE Capital II will focus on cross-border businesses aligned with China’s One Belt One Road initiative and will acquire both minority and controlling stakes with an initial emphasis on Southeast Asian companies.