US private equity giant the Carlyle Group has closed its latest Asia buyout fund, beating its fundraising target by US$400 million.
In a statement, the firm said that Carlyle Asia Partners IV (CAP IV) closed at $3.9 billion; more than 50% larger than the preceding CAP III fund. The close of CAP IV brings Carlyle’s total AUM in Asia funds, including Japan, to more than $13.6 billion across its buyout, growth, RMB and real estate funds.
According to Carlyle, CAP IV will seek to make control and significant minority investments in well-established companies across Asia, ex Japan.
“We believe that the regional economy will continue to grow much faster than the rest of the world. Rising middle class and their demand for better products and services are key drivers of these investment opportunities,” commented X D Yang, managing director and co-head of Carlyle’s Asia buyout team.
He added that the fund would focus on opportunities in sectors including consumer and retail, financial services, telecommunications and technology, and healthcare.
CAP IV’s investments to date include security services firm, ADT Korea, and Chinese online and mobile-based classifieds operator Ganji.com.
Carlyle’s Asia buyout team consists of 44 investment professionals across eight offices, who advise four pan-Asia funds and one RMB fund.
As of June 30 this year, the private equity firm had invested about $5.2 billion in China alone via approximately 80 transactions.
