Actis has raised $2.75 billion for its Actis Energy 4. The London-headquartered firm began fundraising in 2016 with a $2 billion target.
Its previous fund raised $1.15 billion in 2013.
Investors that committed to Actis Energy 4 include the Arizona Public Safety Personnel Retirement System, San Diego County Employees' Retirement Association and the Michigan Laborers Pension Fund.
The fund will target unlisted equity opportunities in energy sectors in Latin America, Africa and Asia.