NEW YORK: Private equity firm Bain Capital LLC has closed a new Asia-focused fund that raised $3 billion, exceeding the fund's initial target of $2.5 billion, the Wall Street Journal reported on Sunday, citing a source familiar with the situation.

The fund will begin making investments next year and will invest in a range of sectors from consumer products to financial services, the Journal reported, citing the unnamed source.

Bain's own executives have committed $250 million to invest alongside the fund, the source told the newspaper.

A source familiar with the matter also told Reuters that Bain had raised $3 billion for the fund.

Copyright Reuters, 2015