KKR secures $3 billion for new Asia fund

Jun 22, 2012

Henry Kravis

FORTUNE -- Kohlberg Kravis Roberts & Co. (kkr) has secured just over $3 billion for its second Asia-focused private equity fund, according to a regulatory filing. This includes around $2.76 billion in commitments from outside investors, plus $250 million being committed by the firm's general partners.

The firm is seeking a $5.75 billion in outside commitments, bringing the total fund target to $6 billion.

KKR raised $4 billion for its inaugural Asia fund in 2004. Through the end of 2011, it had called down more than 91% of its capital and returned around $770 million to limited partners. Once remaining portfolio value was taken into account, the fund had an 11.15% internal rate of return and a 1.2x total value multiple, according to data from the Washington State Investment Board.

KKR currently has six Asia-Pacific offices, in Beijing, Hong Kong, Tokyo, Mumbai, Seoul and Sydney. There also are reports this week that it is building out a Singapore investment team.

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