Carlyle Group raises $668 m for Asia fund

"...The fund invests in promising private companies at an expansionary stage with solid growth track records across industry sectors in China, India, Japan and Korea....."

FYI. Regards.

- Dilip.
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Source: Business Line, 15-06-2006

Carlyle Group raises $668 m for Asia fund

Our Bureau

The fund invests in promising private companies across industry sectors in China, India, Japan and Korea.

Mumbai , June 14

Global private equity firm the Carlyle Group on Wednesday said it raised $668 million for Carlyle Asia Growth Partners III (CAGP).

The fund invests in promising private companies at an expansionary stage with solid growth track records across industry sectors in China, India, Japan and Korea.

Carlyle Asia Growth Partners is the third fund managed by the Carlyle Asia Growth Capital group, which has an aggregate committed capital of approximately $1 billion.

Three investments have already been made out of the new fund, including $20 million in Claris Lifesciences (a pharmaceutical company in India), $25 million in Credit Orienwise (the largest private credit guarantee company in China) and $27.5 million in Anxin Flooring (the number one manufacturer and distributor of solid wood flooring in China), a press release by Carlyle Group said here.

In addition to CAGP, the group also manages Carlyle Asia Venture Partners I ($159 million) and II ($164 million), which were launched in 2000 and 2002, respectively. Together, the two earlier funds have invested in 37 companies and realised 12 investments.

"We look for companies with outstanding management and track record, differentiating and proven business models, as well as large potential markets. When contrasted with traditional venture capital investing, our growth capital investment strategy provides our investors better assurance of returns and lower risk exposure," said Managing Director of CAGP, Mr Wayne Wen-Tsui Tsou.

India primary focus

The group said India, as an important growth engine for the region, is a primary focus of Carlyle Asia Growth Capital group, which has investments in diverse sectors represented by current portfolio companies including Financial Software & Systems, Newgen Imaging Systems, LearningMate Solutions, QuEST, and Claris Lifesciences.

"The opportunity for private equity in India is tremendous. An increasing number of Indian companies are looking for value-adding investors that can bring strategic benefits along with capital. Through active partnership with management and making use of the wealth of Carlyle global resources, we support fast-growing Indian companies to expand in both domestic and international markets.

"For instance, our US healthcare group is helping Claris Lifesciences acquire the necessary technical expertise that is critical to winning the USFDA approval for Claris' generic medicine to be marketed in the USA. Meanwhile, the growth capital team in Japan is actively exploring raw material supply for Claris," said Mr M Shankar Narayanan, Managing Director and Head of Carlyle's Asia Growth Capital team for India.