Carlyle launches fifth Asia Growth Fund

The firm’s new fund will target $1 billion to invest in high growth companies in China, India, Japan and Korea.

The Carlyle Group is raising its fifth Asia-focused growth equity fund, according to a filing with the Securities and Exchange Commission. The new fund will target $1 billion, similar to its predecessor, which raised $1.04 billion and was launched in 2008.

Carlyle declined to comment on the fundraising.

Carlyle’s previous Asia Growth funds were launched in 2000, 2001 and 2005, raising $159 million, $164 million and $680 million respectively. Among investors in those vehicles were the California Public Employees' Retirement System, AP Fonden 2 (The Second Swedish National Pension Fund), Florida State Board of Administration and fund of funds manager Pantheon International, according to PEI Research & Analytics.

The firm’s Asia Growth Fund takes a sector-agnostic, country-specific approach to investing in high growth companies in China, India, Japan and Korea. Investments from previous funds include fertiliser company China Agritech, engineering company Cyient Limited, death care services Fu Shou Yuan, Shenzhen-based Ellassay Fashion, and forestry plantation operator China Forestry Holdings Group.

Carlyle has over $60 billion of assets in private equity. The firm is also in market with a longer term vehicle that has raised about $3.2 billion to date but could raise additional capital, as reported by Private Equity International.

Last week, the firm announced two new leadership roles taken on by its existing senior executives, as reported by PEI. Deputy chief investment officer for corporate private equity Kewsong Lee will also be supervising the global market strategies unit at Carlyle, replacing managing director Mitch Petrick. Glenn Youngkin, in addition to being Carlyle president and chief operating officer, will also be responsible for the energy and natural resources group.