KKR raises over $11 billion in Asia fund

Private equity group started marketing the new Asia fund late last year, targeting $12.5 billion in what would be the region's biggest private equity fund

by Reuters
KKR raises over $11 billion in Asia fund
Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange in August 2018. REUTERS/Brendan McDermid.

HONG KONG: Private equity powerhouse KKR & Co has raised over $11 billion after the first-close of its fourth Asia-focused fund, its Beijing-based managing director Chris Sun said on Wednesday.

KKR started marketing the new Asia fund towards the end of last year before the Covid-19 pandemic, targeting $12.5 billion in what would be the region's biggest private equity fund, people familiar with the situation have said.

It is unclear when the final close of the fund will be reached. KKR declined to comment on its fundraising status.

Sun, speaking at the AVCJ China Virtual Forum, said China, the world's second largest economy, has been an important market for the fund, adding that Japan, India and Southeast Asia were also its focused markets.

The US-based firm has been investing heavily in India this year, most notably a $1.5 billion purchase of a stake in the country's top telecom operator Jio Platforms.

It is also an investor in China's Bytedance, whose global video streaming platform TikTok has just reached a deal with Oracle to keep its US business operating.

(Reporting by Kane Wu; Editing by Simon Cameron-Moore)