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June 30, 2009

Fund Raising Alert: Carlyle raises $1-B Asia Fund

Edited extracts from the Press Release:

Global private equity firm The Carlyle Group has successfully closed its fourth Asian growth capital fund, Carlyle Asia Growth Partners IV (CAGP IV), a sector-agnostic growth capital fund which invests in China, India, Korea and other key Asian markets. The fund raised $1.04 billion in 14 months from a broad geographical range of investors.

CAGP IV is more than 50% larger than its predecessor CAGP III by capital commitment and has already made its first investment in a leading Chinese high-end women’s fashion company. CAGP III has made 22 investments in 2.5 years, 80% of which were made in China or India.

"The strong entrepreneurial culture in India has created many potential investment opportunities for Carlyle. India’s emerging middle class is fuelling strong domestic consumption, while the outsourcing and re-engineering of various products and services from all over the world to India continues to grow at a lively pace. India’s growth story is sustained by its vibrant capital markets, a resilient banking system and a pro-business stable government," said Shankar Narayanan, a Carlyle Managing Director responsible for CAGP’s investments in India.

David M. Rubenstein, Carlyle Co-founder and Managing Director, said, "The Carlyle Group raised $19.9 billion in new capital last year, and this fund close builds on that momentum. Asia remains a core focus of our global business, and Carlyle continues to devote more resources to China and India. CAGP is one of the largest growth capital platforms in Asia and has consistently provided investors with exposure to the very best of the region’s opportunities."

Carlyle Asia Growth Partners IV is the fourth fund managed by the Carlyle Asia Growth Capital group, which has an aggregate committed capital of approximately US$2 billion. The group invests through a team of local professionals in six offices - Beijing, Hong Kong, Mumbai, Shanghai, Seoul and Tokyo.