PE fund briefs, week of July 6, 2009

Carlyle raises $1.04B for Asia growth fund


Carlyle Group announced last week that it raised $1.04 billion for its fourth Asian growth capital fund. The firm raised $680 million for its Asian growth fund, which closed in 2005.

The funds invest in high growth private companies in China, India, Korea and other Asian markets.

Carlyle said it raised the money for fund IV in 14 months, adding that it reflects improving investor sentiment towards China and India as the two major economies begin to stabilize. Nearly 40% of the fund’s investors are new, Carlyle said. Known LPs in fund IV include the California Public Employees’ Retirement System and Princess Private Equity Holding Ltd.

“Despite the economic downturn, most of our growth capital portfolio companies have achieved growth rates in the range of 20% to 50% over the last year,” Wayne Tsou, managing director and head of Carlyle Asia Growth Partners, said in a statement.

The fund made its first investment in Chinese high-end women’s fashion company Ellassay. —Michael Flaherty, Reuters

Blackstone passes target with $4.3B real estate fund


Blackstone Group has closed its third European real estate fund with about $4.3 billion in capital commitments, which exceeded its $3.5 billion target. The Park Hill Group, a Blackstone affiliate, served as placement agent.

Providence seeks $1B

Providence Equity Partners
has begun raising its second debt fund with a $1 billion target, just months after closing its inaugural debt fund with $1.1 billion, according to LBO Wire. The first fund reportedly is 75% invested.