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Financials

KKR raises over $11 bln in Asia fund

HONG KONG, Sept 16 (Reuters) - Private equity powerhouse KKR & Co has raised over $11 billion after the first-close of its fourth Asia-focused fund, its Beijing-based managing director Chris Sun said Wednesday.

KKR started marketing the new Asia fund towards the end of last year before the COVID-19 pandemic, targeting $12.5 billion in what would be the region’s biggest private equity fund, people familiar with the situation have said. Sun, speaking at the AVCJ China Virtual Forum, said China, the world’s second largest economy, has been an important market for the fund, adding that Japan, India and Southeast Asia are also its focused markets.

The U.S.-based firm has been investing heavily in India this year, most notably a $1.5 billion purchase of a stake in the country’s top telecom operator Jio Platforms.

It is also an investor in China’s Bytedance, whose global video streaming platform TikTok has just reached a deal with Oracle to keep its U.S. business operating. (Reporting by Kane Wu; Editing by Simon Cameron-Moore)

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