North Asia-focused private equity firm MBK Partners has reached a third close on its latest buyout fund MBK Partners III at the hard cap of US$2.7 billion in capital commitments. The fund, which reached a first close of US$1.25 billion in capital commitments in November 2012, had an initial target of US$2.25 billion. The fund will maintain MBK’s geographic focus on China, Taiwan, Japan and South Korea. Investors include the Ontario Teachers’ Pension Plan, Canada Pension Plan Investment Board, Illinois Teachers’ Retirement System and Korea’s National Pension Service. MBK Partners has already begun investing from the new vehicle, completing three buyouts so far this year.