US private equity firm Carlyle Group has raised $6.55bn for a new fund aimed at investing across the Asia-Pacific region in technology, consumer and other sectors, many of which are powered by a quickly ascendant middle class.

The Washington firm has closed its fifth Asia buyout fund, which surpassed its target of $5bn, said X.D. Yang, chairman of Carlyle Asia ex-Japan and co-head of Asia buyout, in an interview. The fund is 68% larger than the firm’s fourth buyout fund, which closed in 2014 at $3.9bn. That fund notched an 18% net internal rate of return as of March 31, according to a firm presentation.