HSBC Plc's Asian private equity arm said on Monday it completed fundraising for a $1.5 billion fund, securing the investment despite a difficult market.

The UK-based lender said its HSBC Private Equity Fund 6 LP exceeded its target of $1.25 billion in commitments. The new fund has invested $175 million thus far in three Asian companies, the bank said.

Last week, rival private equity firm CCMP Capital Asia said it had raised $1.2 billion for its third buyout fund.

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