IFC mulls investment in Carlyle’s fifth Asia Growth Fund

The World Bank’s investment arm could invest as much as $30m in Carlyle’s latest Asia growth vehicle.

The International Finance Corporation is considering an equity investment of up to $30 million in The Carlyle Group’s Carlyle Asia Growth Partners V (CAGP V), the investor said in a project disclosure.

The firm is targeting $1 billion for the fund which was launched in the second quarter of 2016. Capital from CAGP V will be invested in small buyouts and late-stage growth capital investments primarily in China and India, with some selected investments in South Korea. The firm expects to make 15 to 20 investments with ticket sizes ranging between $30 million to $75 million.

Its predecessor fund, 2008-vintage CAGP IV closed on $1.04 billion, and the firm has so far exited 9 out of 26 investments. Its current holdings include: engineering services firm Cyient, financing and leasing services company JIC Leasing, and outsourced publishing services company NewGen Knowledge Works.

Previous investors in Carlyle’s Asia Growth fund series include the California Public Employees' Retirement System, AP Fonden 2 and the Florida State Board of Administration (SBA), according to PEI data.