KKR raises $13b so far for record fourth Asia buyout fund, exceeds target

REUTERS/Brendan McDermid

Private equity giant KKR & Co has so far raised approximately $13 billion for its fourth Asia-focused buyout fund, which is already a record figure and the largest pan-Asia private equity fund in the world, its latest filing showed.

The firm’s latest filing with the US Securities and Exchange Commission showed that the main fund, KKR Asia Fund IV, has already gathered $11.3 billion from 260 investors.

Total commitments to this fund and its parallel fund vehicles are $13,096,265,000. This offering is ongoing.” KKR said in the filing.

The amount is already more than the $12.5-billion reported target for the fund. In July, KKR Asia Fund IV raised $11 billion to surpass the record $10.6 billion raised by Hillhouse Capital Group for Asia in 2018.

The fourth Asia-focused fund recently secured a $300 million capital commitment from the New York State Common Retirement Fund. It earlier received commitments from Asian limited partners such as life insurance companies Fubon and Cathay and bagged a $150 million investment from the Minnesota State Board of Investment in February.

KKR’s third Asia fund, which closed at $9.3 billion in 2017, has been fully deployed, the PE firm said.

Largest Asia-focused PE funds raised so far

KKR Asia

KKR’s latest Asia-focused fund will add to the record $388 billion of PE dry powder in Asia, as of March 2020. According to a Bain & Co report earlier cited by Bloomberg, more than 3,000 PE firms are jostling to find opportunities in Asia.

Among them is Baring Private Equity Asia, which reached the final close of its seventh PE fund in January at the hard cap of $6.5 billion, exceeding its target by $1 billion. US alternative investments giant Blackstone also raised nearly $1.9 billion for funds managed by its Asia core-plus real estate investment arm, Blackstone Property Partners Asia in May.

Last year, TPG raised $4.6 billion for its seventh Asia-focused PE fund, TPG Capital Asia VII, while Warburg Pincus made the final close of its China-Southeast Asia-focused PE fund at $4.5 billion.

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.