Carlyle closes Asia fund at $6.55b

Carlyle Asia Partners V (CAP V) launched last year with a target of $5 billion. It focuses on buyouts and strategic investments across the Asia ex-Japan region in a range of sectors, including consumer and retail, financial services, technology, media and telecom, healthcare, and industrials. The firm's fourth flagship Asia fund closed in 2014 at $3.9 billion.

Carlyle has invested $18.5 billion in Asia since 1998, while its assets under management (AUM) in the region have reached $20 billion. The firm's global AUM is $201 billion. Carlyle has offices in Beijing, Shanghai, Hong Kong, Jakarta, Mumbai, Seoul, Singapore, and Sydney.

In the last 12 months the firm has committed $2.5 billion to deals including Australia's Accolade Wines – acquired from CHAMP Private Equity – and iNova Pharmaceuticals, Indian business process outsourcing provider Visionary RCM Infotech, and the master franchise rights to McDonald's in China and Hong Kong.

"Our track record in sourcing opportunities and creating value in partnership with management teams is a testament to our team's experience in Asia," X.D. Yang, chairman of Carlyle Asia ex-Japan and co-head of Asia buyouts, said in a statement. "We expect to see more and larger investment opportunities in the region driven by innovation, attractive demographics, rising consumption and corporate spin-offs."

Along with Carlyle, a number of Asian large-cap managers have seen a significant step up in their latest fundraises. PAG Asia Capital and Baring Private Equity Asia have set the targets for their latest funds at $4.5 billion and $5.5 billion, respectively, up from $3.66 billion and $3.98 billion in their previous funds. Affinity Equity Partners closed its fifth pan-Asian fund earlier this year at $6 billion, up 57% from its last vehicle, while KKR's $9.3 billion close on its latest Asia fund last year represented a 55% rise from the previous fund.

CAP V's close also comes on the heels of The Blackstone Group closing its first Asia-focused PE fund at the hard cap of $2.3 billion. Blackstone is among the last large global GPs to establish a dedicated investment vehicle for Asia, though it has made a number of investments in the region.

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• Topics
• Fundraising
• GPs
• Buyout
• Asia
• The Carlyle Group