KKR, the US private equity giant, said on Tuesday that its Fourth Asia Pacific focused fund had raised $15 billion, the largest private equity fund in the region.
KKR started marketing the new Asian fund at the end of 2019, initially planning to raise $12.5 billion, people familiar with the matter said earlier.
“Companies in the Asia Pacific region are beginning to realize that they have the potential not only to become domestic and regional leaders, but also to become global leaders in their industries,” Ashish Shastry, KKR’s co head of Asia Pacific private equity, said in a statement announcing the fund’s start-up.
KKR said the fund had exceeded its target size and hit the rigid upper limit for investors to subscribe. The fund has received warm support from new and old investors all over the world, with a high proportion of investors in the Asia Pacific region.
The growth of science and technology industry stimulated by the epidemic is expected to promote M & A activities in Asia this year. Private equity backed deals in Asia rose 51% last year to a record $129 billion.
A number of regional fund companies, including China Chunhua capital and Boyu capital, are also raising funds, the source said, with Hillhead capital planning to raise $13 billion.
KKR said its fund would take advantage of increased consumer spending, urbanization trends, and corporate spin offs and consolidation.