Carlyle raises $1.6bn for Asia

The global private equity firm is targeting $3.5bn for its fourth Asia fund.

The Carlyle Group has raised $1.58 billion towards its latest Asia fundraising effort, according to a filing with the US Securities and Exchange Commission.

The filing represents what is likely second or third close for Carlyle Asia Partners IV, which is targeting $3.5 billion. The vehicle reportedly made a $700 million first close in December 2012, later filing a Form D with the SEC in May 2013 for $978 million.

Carlyle declined to comment on the matter.

The news comes just two months after the New York State Teachers’ Retirement System approved and closed on a $100 million commitment to the firm’s fourth pan-Asia fund, confirmed by meeting materials released by the pension fund in November.

In addition to its pan-Asia fund, the firm is currently raising a Japan-focused buyout vehicle with a target of JPY 100 billion (€769 million; $1.02 billion), according to Private Equity International’s Research & Analytics division. 

The firm also raised a global vehicle, exceeding its $12 billion hard-cap and closing in November on $13 billion, PEI reported earlier. Carlyle Partners VI, which came to market in late 2011 targeting $10 billion, attracted 269 investors from 43 countries.

“This year will be by far our best fundraising year since the financial crisis and the second best in our firm's history,” Carlyle’s co-chief executive officer David Rubenstein said in the firm’s third quarter earnings call.

A variety of global and regional funds are currently in the market with pan-Asia vehicles, including Navis Capital Partners and Affinity Equity Partners. MBK Partners recently closed “vastly oversubscribed” on $2.7 billion, a source told PEI previously.

Global competitors include CVC Capital Partners, which had raised $2 billion for its $3.5 billion Asia fund as of December 2013, and TPG’s latest Asia offering, which has struggled to reach its $3.5 billion target.