KKR raises one-third of $6b Asia fund – report

According to Bloomberg, KKR plans to announce a first close in June. Like many of its counterparts globally, the private equity firm is said to be offering investors the choice of a lower management fee or a greater share of commission levied on portfolio companies. Washington State Investment Board has already committed $400 million to the vehicle.

KKR has made 22 investments in Asia, committing about $4.6 billion in equity. Its first Asia fund, raised in 2007, is worth $4 billion. Carlyle's previous Asia fund closed at $2.55 billion in April 2010.

Several other pan-regional funds are already in the market or planning to launch. It was reported in April that TPG Capital is nearing a first close of $1.5 billion on its latest vehicle, which has a full target of at least $4 billion. Government of Singapore Investment Corp. (GIC) is expected to be the largest investor.

Bain Capital, meanwhile, launched its second Asia fund last June, with a fundraising target higher than the $1 billion raised for its previous fund, and PAG last year reached a first close of $1.7 billion on its $2.7 billion debut vehicle.

Of those yet to launch officially, Morgan Stanley Private Equity Asia is expected to seek about $1.5 billion, the same as for its previous fund. Affinity Equity Partners is only in the initial stages of preparation, but raised $2.8 billion for its third fund in 2007.

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• Topics
• Fundraising
• Buyouts
• KKR
• The Carlyle Group
• PAG
• TPG Capital
• Bain Capital Asia
• Affinity Equity Partners
• Morgan Stanley Private Equity Asia
• Fundraising