Washington State commits $400m to KKR’s Asian fund
Washington State Investment Board has committed $400 million to KKR’s second Asia fund, which is seeking to raise up to $6 billion. The investment was disclosed alongside those made to Oaktree Capital Management’s newest distressed debt fund and Cinven Group’s new buyout fund.
Washington State has $80 billion in assets under management and $15.2 billion invested in private equity. GPs it currently backs in Asia include CDH Investments, Affinity Equity Partners and FountainVest Partners.
The pension fund also committed $400 million to KKR's first Asia fund in 2007. According to Washington State's calculations, as of September 2011, the fund had generated a return multiple of 1.2x and an IRR of 10.56%, slightly lower than the average for mega buyout funds in the pension fund's portfolio.
KKR is expected to announce a first close for the new vehicle by the middle of the year. If the $6 billion target is achieved, it would be the largest Asia-focused fund since the onset of the global financial crisis, surpassing the $4-5 billion TPG Capital is looking to raise for its latest regional fund.
KKR also has a China growth fund, which closed last February at $1 billion, and is in the process of raising an India fund.
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