NYSTRS commits $100m to Carlyle Asia IV

New York's $95bn pension plan has formed a new partnership with The Carlyle Group, committing to its Asia-dedicated buyout fund for the first time.

The New York State Teachers’ Retirement System has approved and closed on a $100 million commitment to The Carlyle Group’s fourth Asia buyout fund, according to meeting materials released by the pension fund following a board meeting this week. 

The commitment signals a new partnership for the LP, which earlier this year gave $85 million to Kohlberg Kravis Roberts’ Asia Fund II, according to PEI’s Research & Analytics division

Carlyle Asia Partners IV was launched in 2012 with a $3.5 billion target and had reportedly raised $1.5 billion as of May this year. The NYSTRS commitment was approved in August. 

The firm has been active in Asia and remains committed to the region, David Rubenstein, the Carlyle Group’s co-chief executive officer, said recently.  “We’re still bullish on Asia and China,” Rubenstein said at an industry event in September.

David Rubenstein, 
co-CEO, The Carlyle

In addition to its pan-Asia fund, the firm launched its latest Japan-focused buyout vehicle with a target of JPY 100 billion (€769 million; $1.02 billion) in July this year, according to PEI’s Research & Analytics division.  

Carlyle is just one of the large global private equity players raising a dedicated fund for the Asia Pacific region. KKR has had the most notable success, earlier this year closing a $6 billion Asia fund, the largest ever raised for the region.

TPG is currently in the market with a $3.5 billion Asia vehicle, which has been reduced from the original target of $4 billion. 

Planning to come to market shortly, CVC Capital Partners expects to target $3 billion for its fourth Asia Pacific vehicle, while PEI revealed in October that Navis Capital Partners will soon launch a $1.3 billion pan-Asian fund that will exclude india.