Global buyout firm TPG Capital Management [TPG.UL] is seeking to raise more than $4 billion for a new Asia-focused fund, in what would be its biggest for the region, people familiar with the plans told Reuters.

The new fund will be one fifth bigger than its last one, TPG Asia VI, which raised $3.3 billion in 2014, and reflects growing investment opportunities in the region. It would, however, still trail the regional record set by KKR & Co’s (KKR.N) Asia Fund II which raised $6 billion in 2013.

Total capital available for investment could reach about $6 billion when co-investments from limited partners – the pension funds and institutional investors who will invest in the TPG fund – are included, one of the people said.

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