Orchid Asia has closed its sixth PE fund with $920 million in commitments, well above the $750 million target the vehicle launched with in March. Pennsylvania Public School Employees Retirement System invested $75 million. One of China's older PE firms, Orchid Asia has a strong track record as of late; its predecessor vehicle closed on $650 million in 2011, and has achieved an IRR Of 36.49% as of March 31, 2014. With the new fund, the firm will continue investing in China's consumer services and products sector, as well as outsourced manufacturing and services sector. Kirkland & Ellis represented the firm.