North Asia-focused private equity firm MBK Partners has reached a first close on its third fund, MBK Partners III, at US$1.25 billion in capital commitments. The fund, which is targeting US$2.25 billion, will invest in controlling stakes in companies based in South Korea, Japan and Greater China. Morgan Stanley Private Equity Asia is reportedly raising its fourth Asia-focused private equity fund, which is targeting US$1.5 billion in capital commitments.