China: Carlyle to raise $1b for new Asia PE fund

Photo: Reuters

Carlyle Group LP, the world’s second-largest private equity manager, is raising $1 billion for a new private equity fund which will focus on Asian growth companies.

The new fund will be Carlyle’s fifth, and will target smaller, fast-growing companies in Asia, according to a report in the Wall Street Journal, citing sources.

The firm’s previous fund was raised in 2008 and closed at $1.04 billion. Carlyle also has other Asia-focussed funds that invest in larger companies and go for bigger deals. The latest Asian buyout fund raised $3.9 billion in 2014.

A spokesperson for Carlyle had no comment on the size of the new fund.

China has emerged as the hottest destination for private equity in Asia, according to the Centre for Asia Private Equity.

Other firms are also getting ready to raise and deploy large funds in the region. Warburg Pincus is readying a new $2 billion fund, along with its latest $12 billion global fund that was raised in November. Hong Kong-based PAG raised its new Asia buyout fund, with a corpus of $3.6 billion.

Washington-based Carlyle has 10 growth capital funds world-wide that have $7 billion under management. Its investments in Asia are mainly in China, followed by interests in India and South Korea.

Like Warburg Pincus, Carlyle has been an early PE investor in China since the late 90s. It has previously invested in major companies like Haier Electronics Group Co. and China Pacific Insurance (Group) Co.

Carlyle manages $183 billion worth of assets, out of which one-third are PE investments.

Also read:

US-based Carlyle Group has raised more than $3b for long-term investments
Carlyle Group names Sunil Kaul as head of SE Asia buyout advisory team
Carlyle Group acquires Japan’s software firm WingArc1st

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.