KKR partners with Chernin Group in Asia media platform

KKR’s capital for the investment comes from KKR Asian Fund II.

KKR has committed up to $300 million to Emerald Media, which will invest in media and entertainment businesses in Asia.

California-based media holding company The Chernin Group has partnered with the firm as a minority co-investor, according to a joint press release from Emerald Media, KKR and The Chernin Group.

KKR has also acquired an unspecified minority stake in CA Media, the existing Asian media portfolio of The Chernin Group.

The capital for the investment comes from its KKR Asian Fund II, a 2013-vintage vehicle that closed at $6 billion, according to PEI Research & Analytics.

Emerald Media is a new vehicle that will fund investments of between $15 million to $75 million for both control and significant minority stakes in media, entertainment, and digital media businesses in Asia.

The media platform will identify strong players and sub-sectors in the region and assist investee companies in scaling up by providing support across strategy, operations, finance, branding and marketing, Emerald Media said.

Rajesh Kamat and Paul Aiello, who jointly manage the CA Media platform, will head Emerald Media, which will have offices in Mumbai, Singapore and Hong Kong.

CA Media owns assets in India including content and reality TV company Endemol Shine India, character entertainment company Graphic India, digital celebrity network Fluence and live entertainment company Only Much Louder, and in Indonesia.

KKR Asian Fund II has not yet been fully deployed with $3.8 billion in uncalled commitments, according to the firm’s third quarter results. Existing investments include Gland Pharma, a leading Indian manufacturer of injectable pharmaceutical products and SunDrop Farms, an agribusiness in Australia.

In April this year, KKR and Anchor Private Equity also signed an agreement to acquire a controlling stake in leading South Korean mobile commerce company, Ticket Monster. The transaction is expected to close in the second quarter of 2015, according to a press release from KKR.