Carlyle closes $170m Asian venture fund

The Carlyle Asia Venture Partners II fund has held a final closing and confirmed details of its first investment.

The Carlyle Group today announced the final closing of Carlyle Asia Venture Partners II (CAVP II), a $170m venture capital fund that will make investments primarily in China, Taiwan, India, and Korea.

The fund will look to make investments of between $2.5m and $10m, with investments focussing largely on early-stage companies in addition to some mid-stage investments. Commitments to the fund have come largely from new investors.

In addition to the closing, Carlyle announced that the fund had invested $5m in Infomax Optical Technology Corporation, a Taiwan-based manufacturer of laser-based optoelectronic sub-components. CAVP II's $5m investment in Infomax is part of the company's third round of financing, which raised approximately $10m.

Carlyle expects the fund to be fully invested in about two years. CAVP II is part of the Carlyle Group's global technology venture practice, which includes sister funds in the US and Europe.

The Carlyle Group is a global private equity firm with more than $13.5bn under management. Since 1987, Carlyle Group has invested $6.6bn worldwide and achieved a realised internal rate of return of 37 per cent.