KKR beats target in ongoing Asia fundraise

KKR Asian Fund IV has received commitments of approximately $13.1 billion from 260 investors, according to a filing. The likely timing of the final close was communicated to AVCJ by sources familiar with the situation.

The fund, which was launched last November, was on course for a first close of $10 billion as of late June. KKR said in its second-quarter earnings call that commitments stood at approximately $11 billion, including capital from initial closings through July. This made it the largest Asia-focused, US dollar-denominated vehicle, surpassing Hillhouse Capital’s $10.6 billion.

KKR closed its third pan-regional fund at $9.3 billion in June 2017, upsizing from $6 billion for the previous vintage. The firm is also raising a growth-stage technology vehicle focused on Asia.

LPs that have disclosed their participation in KKR Asian Fund IV include China Life Insurance, Fubon Life Insurance, Louisiana State Employees’ Retirement System, Minnesota State Board of Investment, New York State Common Retirement Fund, and Cathay Life Insurance, AVCJ Research’s records show.

Last month, KKR agreed to invest INR55.5 billion ($755 million) in the retail unit of Indian conglomerate Reliance Industries. It follows a INR1.5 billion commitment to Jio Platforms – which owns a range of apps, some nascent broadband and cable services, and India’s leading mobile carrier – that represents the firm’s largest single investment in Asia to date.

Other recent activity includes a joint $220 million injection in Singapore-based real estate portal PropertyGuru alongside TPG Capital, taking the lead in a $150 million round for Chinese children’s online education platform Huohua Siwei, and a $650.7 million commitment to Vietnam property developer Vinhomes made in conjunction with Temasek Holdings.

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• Topics
• Buyout
• Fundraising
• GPs
• Asia
• KKR