SYDNEY, July 2 (Reuters) - Australian private equity firm Champ Ventures said on Monday it had raised A$475 million ($487 million) for its seventh and largest fund so far, above its target close of A$450 million.
Private equity firms around the world have found it tougher to raise money since the global economic downturn in 2008.
The Asia-Pacific, however, has seen its share of global fundraising rise to 22 percent from just 9 percent in 2008, Preqin, a private equity tracker, said in a recent report.
The fund would invest in established companies with enterprise values up to A$200 million, with typical investments pegged at between A$20 million and A$55 million in expansion capital and buy-out opportunities.
The fund has made two investments so far in a fleet management firm and a safety products retailer and plans to announce a third investment this month, it said in a statement.
Champ Ventures is part of Champ Group, which manages A$2 billion in funds.
$1 = 0.9756 Australian dollars Reporting by Narayanan Somasundaram; Editing by Jacqueline Wong