REFILE-UPDATE 2-Baring Asia raises $1.52 bln private equity fund

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By Jeffrey Hodgson

HONG KONG, May 13 (Reuters) - Baring Private Equity Asia has raised nearly $1.52 billion for a fund targeting mid-sized growth companies in the region, showing investor appetite for Asia remains strong despite a slowing global economy.

Baring said on Tuesday that the new vehicle, which it described as the largest regional growth equity fund ever raised for Asia, would be particularly keen to invest in companies in the alternative energy, media, financial services, consumer and industrial sectors.

About 30 percent of the fund has been invested already, Chief Executive Jean Eric Salata told reporters, noting deal flow was the strongest it had been in years as mid-market companies in Asia lack alternatives for funding amid volatile financial markets.

"The IPO markets, as most of you know, are essentially closed right now except for a very limited number of companies ... and the banks have tightened credit both in China and in India," Salata said.

"There's probably more demand than we anticipated. We feel the timing is actually quite good for this fund as far as the ability to invest."

Transactions done by Baring Private Equity Asia this year included a $43 million investment in China's Solar Giga and the acquisition of Japanese payroll outsourcing company Pasona ADP Payroll from Automatic Data Processing Inc (ADP.N: Quote, Profile, Research, Stock Buzz) and Pasona Group Inc (2168.T: Quote, Profile, Research, Stock Buzz).

According to data from the Asian Venture Capital Journal (AVCJ), the region's private equity industry largely shrugged off last year's global credit crunch, with assets under management, fundraising and investment rising at double-digit levels.