RRJ Capital closed the largest ever private equity fund for an Asian firm at $4.5 billion, giving prolific deal maker Richard Ong a war chest to hunt for new opportunities across the region.

Hong Kong and Singapore-based RRJ Capital closed its third fund this week after nine months on the fundraising trail, according to a person familiar with the situation. The fundraising was oversubscribed by $1 billion, with the majority of the capital coming from North American investors, the person said.