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Firms & Funds

Emerging markets private equity firm Aureos Capital is launching a $200 million India fund for investments in small and medium-sized businesses, Reuters reported over the weekend. The fund, Aureos India Fund II, will invest across India, Sri Lanka and Bangladesh.

Berkshire Partners has closed its eighth fund with $4.5 billion in commitments. Berkshire began fundraising in January for what was originally targeted as a $4 billion pool. Boston-based Berkshire did not use a placement agent for Berkshire Fund VIII but Weil, Gotshal & Manges served as fund counsel.

Boathouse Capital, a firm based in suburban Philadelphia, has closed on $120 million for its new debt fund, which will focus on mezzanine debt and equity in lower mid-market companies. The firm will invest between $2 million and $12 million into companies with a minimum of $2 million EBITDA.

The California State Teachers’ Retirement System posted a 23.1 percent return for the 2010-11 fiscal year. CalSTRS brought in $29 billion for the fiscal year ended June 30. Market value of CalSTRS investment portfolio was $154.3 billion, according to a statement.

The Carlyle Group has closed on 3.2 billion yuan ($495 million) for its projected 5 billion yuan China fund, Beijing Carlyle Investment Center LP, Reuters reported. The fund, launched last year, is the first foreign fund to be registered with China’s National Development and Reform Commission, which means that it can pull from a wider pool of investors, including social security funds, Reuters wrote.

China International Capital Corp., which is partly owned by U.S. private equity firms TPG Capital and Kohlberg Kravis Roberts & Co., will become the country’s first investment bank to manage a trust company, Reuters reported, citing an article in the Financial Times. CICC will buy a 35 percent stake in Zheshang Trust, and will have primary responsibility for management.

The private equity arm of China’s Citic Securities Co. has launched a 5 billion yuan ($773 million) mezzanine fund, Reuters reported. The fund will supply financing for acquisitions, Reuters wrote. Citic Private Equity Funds Management currently manages two funds: a 9 billion yuan local-currency fund and a $1 billion dollar-denominated fund.

Orchid Asia has raised $650 million for its fifth China private equity fund, Orchid Asia V, LP, Reuters reported. The fund netted investments from roughly 60 investors from across the United States, Europe and Australia. Orchid Asia focuses on the Chinese consumer sector and the specialty manufacturing sector. With the latest fund, the firm now has $1.4 billion under management.

PAG Capital Asia, a private equity fund launched by former TPG Capital executive Weijian Shan, has raised more than $1.7 billion, Reuters reported. The firm aims to close its PAG Asia I LP in a couple of months with about $2.5 billion in commitments, Reuters said. Shan is one of a slew of high-profile private equity executives who departed global firms in recent months in favor of start-up China-focused funds.

Patria Investimentos SA, which is partly owned by The Blackstone Group, has held a first close on its fourth fund, Patria Private Equity Fund IV LP, peHub reported, citing sources. Two sources say the size of the pool ranges from $1 billion to $1.25 billion. In April, peHub reported that the fund was pegged at $900 million but could exceed that target.

Portfolio Advisors announced the final close its fourth real estate fund-of-funds with $400 million in total commitments. Portfolio Advisors Real Estate Fund IV has been making commitments to primary funds and purchasing direct secondary fund interests since its initial closing in 2009, the firm said. Portfolio Advisors’s prior fund, PAREF III, raised $147 million in 2008.

Rock Hill Capital, a Houston-based small to lower-market private equity firm, has held an initial close of its second fund, Rock Hill Capital II LP. The fund has a target of $150 million, the firm said. The firm focuses on businesses located in the Gulf Coast and Southeast regions of the United States.

Los Angeles-based Shamrock Capital Advisors raised $400 million after eight months of marketing for Shamrock Capital Growth Fund III LP, according to peHub.com. By comparison, Shamrock spent a year fundraising for its second pool, which came in with $311.5 million in 2006, said managing partner Stephen Royer. Kathryn Sanders of O’Melveny & Meyers provided legal advice. In conjunction with closing the pool, Michael LaSalle and Andy Howard became partners of Shamrock.