Baring Vostok has closed two funds worth a combined $1.5bn (€1.16bn), the largest sum ever raised in one go by a Russian private equity firm. 

Baring Vostok Private Equity Fund V and co-investment vehicle Baring Vostok Fund V Supplemental Fund raised a respective $1.15bn and $350m, with UBS Investment Bank acted as sole global placement agent.

The two funds' predecessors closed on $1bn and $300m in 2007, compared to the $82m amassed for private equity deals in Russia in the first half of this year and $135m in 2011, according to the Emerging Markets Private Equity Association.

Baring Vostok managed to retain the majority of its existing LPs and will invest the new funds in the Russian and former Soviet mid-market.