July 1, 2009 / 8:56 AM / 8 years ago

Carlyle raise $1.04 billion for fourth Asian growth fund

Carlyle Asia Growth Partners IV, a sector agnostic fund, will invest 80% of the raised capital in India and China.

Global private equity major The Carlyle Group has closed its fourth Asian growth capital fund, Carlyle Asia Growth Partners IV (CAGP IV), at $1.04 billion. Around 80% of the fund will be invested in high growth private companies across the sectors in India and China. The fund has managed to raise the amount in 14 months.

Nearly 40% of CAGP IV’s limited partners (LPs) are new investors, demonstrating growing demand for exposure to China and India. The fund’s predecessor, CAGP III, raised $668 million and has invested in 22 companies in sectors like energy, consumer, technology, business services, education, etc.

“The Carlyle Group raised $19.9 billion in new capital last year, and this fund close builds on that momentum. Asia remains a core focus of our global business, and Carlyle continues to devote more resources to China and India,” said David M. Rubenstein, Carlyle Co-founder & Managing Director.

The fund will be managed by the Carlyle Asia Growth Capital group, which manages approximately $2 billion across four funds. The group also manages Carlyle Asia Venture Partners I and II, which were launched in 2000 and 2002, with combined capital of $323 million.

Some of its growth capital investments in India include Newgen Imaging Systems, Claris Lifesciences, Allsec Technologies, Elitecore Technologies Limited and Great Offshore Limited. Carlyle’s growth capital team in India is lead by Shankar Narayanan (in pic), who was earlier MD & CEO of Hathway Investments. The Rajan Raheja-owned company has firms like Exide Industries, Hathway Cable, Asianet Satellite Communications, Outlook magazine, etc.

The new fund has made its first investment in a Chinese high-end women’s fashion company Ellassay.

“This is an excellent time for long-term investors to seek value in China and India. Despite the economic downturn, most of our growth capital portfolio companies have achieved growth rates in the range of 20-50% over the last year,” said Wayne Tsou, Managing Director and Head of Carlyle Asia Growth Partners.

“The strong entrepreneurial culture in India has created many potential investment opportunities for Carlyle. India’s emerging middle class is fuelling strong domestic consumption, while the outsourcing and re-engineering of various products and services from all over the world to India continues to grow at a lively pace. India’s growth story is sustained by its vibrant capital markets, a resilient banking system and a pro-business stable government,” said Shankar Narayanan, a Carlyle Managing Director responsible for CAGP’s investments in India.

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