Carlyle: Asia funds to close by year end

The firm's Asia and Japan funds are on track to close “at or around their target”.

The Carlyle Group expects both its $3.5 billion Asia buyout fund and $1 billion Japan fund to close this year, according to David Rubenstein, co-chief executive officer, who was speaking on an earnings call.

“Those funds are doing pretty well in the market and I would expect this year they would close at or around their target area,” Rubenstein said.

In January, PEI revealed that the firm had raised $1.58 billion for the $3.5 billion Carlyle Asia Partners IV. The previous fund, the $2.55 billion Carlyle Asia Partners III, which has a 2008 vintage fund, moved into a full accrued carry position in 2013, the firm said.

The $1 billion Japan Partners III fund, which last August held a first close on an undisclosed amount, should bring the firm a competitive advantage in Japan due to a lack of GP capital in the country. 

Co-chief executive officer William Conway, who was also on the call, added that Carlyle invested a record $1 billion in China last year. 

The most notable China deal for the firm (which invested with a consortium) was the $3.7 billion Focus Media privatisation, the largest ever take-private of a Chinese company.

But the firm is now looking at investing in other parts of Asia.

“I would say that the deals we’re working on now are primarily not in China, frankly. They’re in other parts of Asia other than China, although that ebbs and flows. I wouldn’t read too much into that.”

The firm also said that in 2013, it raised $5.9 billion from Asia, representing 27 percent of the total $22 billion in new capital it raised internationally.