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KKR closes third Asian fund at $9.3b

Friday, June 02, 2017


(AVCJ by Tim Burroughs) - KKR has closed its third pan-regional fund at $9.3 billion, breaking its own record for the largest pool of private equity capital ever raised for deployment in Asia. The fundraising process took less than seven months and the vehicle is said to have been substantially oversubscribed.

Asian investors account for 24% of the corpus in dollar terms, according to a source familiar with the situation. The Americas share is 53% with the rest coming from Europe, the Middle East and Africa. Significant disclosed LP commitments are from the likes of New York State Common Retirement Fund, Minnesota State Board of Investment, Washington State Investment Board, and New York State Teachers’ Retirement System.

The private placement memorandum for KKR Asian Fund III was issued in early November with a target of around $7 billion. Following strong initial demand from investors, the institutional hard cap was set at $8.5 billion and the GP completed a first close of $5.78 billion at the end of March. The final total includes $500 million from KKR’s balance sheet and $300 million from employees of the firm – the second-largest internal commitment ever made to any KKR fund.

 

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