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Carlyle seeks $2bn for latest Japanese fund

7 May 2013

japan yenBuyout major Carlyle is reportedly launched a JPY200bn ($2bn) fund focused on Japan, becoming the first global private equity firm to do so for five years.

Carlyle Japan Partners III is set to hit a first close before the end of the year according to Dow Jones, which cited three people familiar with the situation.

The new vehicle follows the JPY165.6bbn Japanese fund raised in 2006 and the first fund, which was closed on JPY50bn in 2001.

The first fund had a net IRR of 34 per cent and a multiple of 2.3 times as of the end of September last year, according to CalPERS.

One of the sources said that the second fund is currently generating a net IRR of 0.3 per cent and has yet to make its first full exit.

Last month Carlyle exited its stake in Japanese software firm Broadleaf, which was listed on the Tokyo Stock Exchange.

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