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Carlyle nets $436m towards Japanese buyout fund

28 Jan 2014

Global private equity house Carlyle Group has raised JPY45bn ($436m) towards its third Japan-focused buyout fund, according to Dow Jones.

Carlyle Japan Partners III has a final target of JPY100bn ($980m), and follows the firm’s predecessor vehicle which raised JPY165.6bn in 2006. The fund is the only Japan-specific vehicle from a globally-focused buyout firm currently in the market, the report said

The first fund in the series had a net IRR of 34 per cent and a multiple of 2.3 times according to recent CalPERS data.

In December 2013 Carlyle exited its stake in Japanese software firm Broadleaf, which was listed on the Tokyo Stock Exchange.

Earlier this month the firm registered almost $1.6bn for its fourth Asia vehicle, just ahead of the $1.5bn it had raised in May last year. AltAssets revealed in October that the firm had picked up a $100m commitment from US pension major the New York State Teachers’ Retirement System, which appears likely to account for the extra capital.

Towards the end of 2013 Japanese private equity firm J-Star raised $119m for its second investment fund. The country’s private equity firms face a continued challenge with sellers in Japan preferring to dispose of their businesses to strategic buyers.

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