KKR’s latest Asia fund is set to receive $400 million in capital commitment from returning investor Washington State Investment Board (WSIB), as the firm is reportedly working to close one of the largest buyout funds in Asia.
KKR Asia Fund V will target 20-30 investments across six key markets: Australia, Greater China, India, Japan, South Korea, and Southeast Asia, focusing on mid- to large-cap opportunities in the region, according to a board paper in June.
KKR was previously reported to be raising its fifth Asia fund targeting $15 billion, a target that’s around the same size as EQT’s flagship Asia fund, which closed at $15.6 billion earlier this year.
Capital for the new vintage of Asia buyout vehicles from blue-chip managers such as Blackstone and Bain Capital targeting Asian companies could amount to as much as $62.4 billion with the bulk of deployment in Japan and India.
WSIB has invested a total of $12.5 billion across 28 KKR-sponsored vehicles to date, including previous commitments of $400 million to KKR Asian Fund I, $400 million to Fund II, $500 million to Fund III, and $500 million to Fund IV. The two have maintained a long-standing partnership since 1983, the paper said.
The proposed investment is part of WSIB’s 2026 private equity annual plan and remains subject to final due diligence and negotiation of terms.
KKR’s flagship Asia franchise has been actively signing deals this year, despite the ongoing macro volatility exacerbated by the geopolitical tensions in the Middle East.
The PE giant is planning to take Japanese chemical manufacturer Taiyo Holdings private for $3.33 billion. It has also agreed to invest $820 million in Korea’s Samsung SDS as well as $1.3 billion in Singapore’s XCL Education earlier this year.
