Simpson Thacher & Bartlett has advised private equity company CVC Capital Partners on the formation of a new $3.5 billion Asia fund.

London-based CVC has been raising money since last June for its Asia Pacific IV fund, which will invest in the consumer industry in China, Japan, Korea and Southeast Asia. The fund closed last month.

The money raised is actually a 15 percent drop from the $4.1 billion that CVC raised for its Asia Pacific III fund in 2008. According to Reuters, an investment in Australia’s Nine Entertainment Co. that lost $1.8 billion prompted CVC to withdraw from that country, Asia’s largest market for buyouts, in 2012. Expectations were that the new fund would not be as large.

London partner Gareth Earl led the Simpson team advising CVC, with help from London partner Jason Glover and New York partner Tom Bell.

Mourant Ozannes Jersey partner Felicia de Laat acted for the private equity company on Jersey law matters.