Singapore-based private equity firm Quvat Management is set to unveil its third private equity fund with a focus on Southeast Asia, BusinessWeek reports.

Led by former Farallon Capital Management executive Tom Lembong, Quvat is poised to raise around $350 million for Quvat Capital Partners III, whose investments will be mainly in Indonesia, the news service said, citing unnamed sources. Details on the move remain confidential.

Quvat has been investing in Indonesia, the largest economy in Southeast Asia, since 2006. Its first and second raising activities reportedly generated $150 million and $350 million, respectively.

The region's private equity market has been attracting worldwide interest after it showed resilience during the global financial crisis. Figures from the Center for Asia Private Equity Research reveal that $1.4 billion of PE investments had entered Southeast Asia in the first half of 2010 alone.