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KKR closes Asia’s biggest-ever buyout fund on $6bn

10 Jul 2013

Asia PacificPrivate equity heavyweight KKR has raised Asia’s biggest-ever buyout fund by gathering $6bn of commitments for its second vehicle dedicated to the region.

AltAssets reported in April that the fund had broken the $5bn mark thanks to 106 LPs as well as a $250m commitment from the general partner.

Strong interest from private equity firms looking to tap into Asia with new vehicles has seen several players fail to reach their targets for large buyout funds.

TPG’s latest regional vehicle is reportedly set to come in about $500m under a reduced $4bn target, while RRJ Capital fell short of its $5bn aim when it closed the fund on $3.5bn in February.

Carlyle is aiming to raise $3.5bn for its own Asia vehicle.

KKR has built a strong presence in Asia since closing its debut regional vehicle on $4bn in 2007 and raising a separate $1bn China growth vehicle.

Investors have been attracted by exits such as its partial sale of China Modern Dairy, which netted it a 2.9-times return in May, and a five-times return exiting Japanese recruitment group Intelligence.

Demand for KKR’s Asia fund appears to be much stronger than for the firm’s North America XI fund, which has taken longer than expected to reach its target of up to $8bn.

It now expects to close that fund on target in September.

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