KKR raises $13b for Asia-focused fund, exceeds its target

The US-based investment company raised the amount across its fourth Asia-focused fund and its parallel fund vehicles from 260 investors. The offer is still ongoing, according to the company’s filing.

Limited partners include the California Public Employees’ Retirement System, the Minnesota State Board of Investment, and Taiwan’s Cathay Life Insurance, said the report.

The current value has exceeded the company’s stated target of US$12.5 billion. In 2017, KKR raised US$9.3 billion for its Asian Fund III.

The new vehicle has also beaten Hong Kong-based Hillhouse Capital’s US$10.6 billion fundraise in 2018 – previously the largest fund focused on Asia.

According to KKR’s chief financial officer Rob Lewin, the company saw its Asia assets under management rise nearly 60% to US$30 billion in the year by June 30. “Maybe our biggest [growth opportunity] is in Asia,” he said.

This year, KKR invested US$1.5 billion in Indian digital services firm Jio Platforms and US$755 million in its sister company Reliance Retail.