KKR said to target $15bn for new Asia-focused fund


Private equity major KKR is reportedly looking for $15bn of commitments for its latest Asia focused investment vehicle.

The fundraising is expected to start in the first quarter of 2020, three sources with knowledge of the plan told Reuters.

Should the fund reach the reported target, it would be the biggest private equity vehicle dedicated to the region since China-based Hillhouse Capital closed its fourth Asia-focused fund on $10.6bn in September last year.

The firm is planning to hold an initial first close for the fund by June 2020, however the fund-size and fundraising schedule has yet to be finalised, the people added.

The fund will target consumer, technology, and manufacturing companies across Australia, China, Japan, and India.

KKR has already secured interest from a number of potential limited partners for the fund, including previous fund backers, two of the people said.

The firm pulled in $9.3bn of commitments for its last Asia focused vehicle, KKR Asian Fund III, back in June 2017.

The news of this latest raise follows the promotion of executives Hiro Hirano and Ashish Shastry to co-lead the Asia-Pacific PE operation in mid-October.

KKR recently picked up majority stake in Indian education services provider EuroKids International and agreed a $794m deal for a majority stake in NVC Lighting’s China arm.

Earlier this month, the buyout major doubled-down on the European region after raising  €5.8bn for the final close of KKR European Fund V.

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