Templeton Emerging Markets Group announces the successful raising of over $220 million in fresh capital from new investors.

Templeton Emerging Markets Group, the emerging market-focused private equity arm of Templeton Asset Management, has announced that it was able to generate over $220 million in commitments from new investors through one of its funds. 

The Templeton Strategic Emerging Marketing Fund IV, which was launched in 2012, is now "fully funded," according to a statement by the company. Templeton had intended to raise $300 million when the fund was introduced. The firm now says that the proceeds from the sale is enough to deploy more capital into private equity investment opportunities and to support small to mid-sized companies across emerging markets.

TSEMF IV is managed by a team led by Mark Mobius, executive chairman of Templeton Emerging Markets. It is designed to invest in undervalued companies with "good management and growth prospects." So far, the fund has made three investments in various industries totalling $59 million. Other deals are said to be in the pipeline, with the largest ones located in China, India and Russia.