The Carlyle Group on June 30 said that it raised US$1.04bn for its fourth Asian growth capital fund, a 46% increase from the previous fund size.
CAGP, one of four investment funds Carlyle has in the region, invests in high growth private companies in China, India, Korea and other Asian markets.
Carlyle said it raised the money in 14 months, adding that it reflects improving investor sentiment toward China and India as the two major economies begin to stabilise.
Nearly 40% of the fund’s investors are new, Carlyle said.
“Despite the economic downturn, most of our growth capital portfolio companies have achieved growth rates in the range of 20-50% over the last year,” Wayne Tsou, Managing Director and Head of Carlyle Asia Growth Partners, said.
CAGP IV made its first investment in a Chinese high-end women’s fashion company Ellassay.
Washington DC-based Carlyle Group is a global private equity firm with US$84.5bn of assets under management committed to 64 funds as of March 31 2009. Carlyle invests in buyouts, growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America.