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RRJ Capital raises $3.5bn for Asian private equity fund

1 Feb 2013

news_seasia_lrgRRJ Capital has reportedly raised the second-largest Asia-based private equity fund despite falling short of its original $5bn target.

The firm, which is led by Ong brothers Richard and Charles, expects to finalised the $3.5bn fundraise in early March according to Reuters, which cited a source with knowledge of the matter.

RRJ’s latest fundraise has dwarfed the $2.3bn RRJ raised for its Capital Master Fund I in 2011, which closed $300m over target. However, it is below the $4.1bn collected by Australia’s Pacific Equity Partners in 2008.

RRJ was up against a string of buyout giants currently eyeing Asia-focused funds, with the biggest competition coming from KKR and TPG Capital.

KKR is said to be targeting $6bn and TPG $4bn, while Bain, Carlyle and Morgan Stanley are also raising individual funds with a combined target of $7bn.

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