KKR is aiming to raise $15 billion for its fifth Asia private equity fund, sources told Reuters — positioning it to become one of the largest PE fundraisings ever in Asia. The firm began marketing the vehicle to investors this week, and the final fund size could exceed the target depending on demand.
The strategy will continue focusing on consumer, life sciences, financial services, healthcare, and industrials. KKR declined to comment.
Asia PE momentum accelerates
With improving IPO markets and strong asset valuations in Japan and India, private equity activity across Asia is rebounding.
KKR has already returned over $7.3B to investors this year, with half of all global returns in 2024 expected to come from Asia, according to co-CEO Joe Bae.
Strong track record
- KKR raised $15B for its fourth Asia fund in 2021 — the region’s largest.
- Funds III & IV delivered 20%+ gross IRR.
- The fourth fund had already returned 40% of capital by end-September.
Major recent exits
- Sold 19.9% of LOGISTEED to Japan Post for ¥142B ($900.6M)
- Exited Seiyu in Japan for $2.55B
- Sold a controlling stake in India’s JB Chemicals for $1.4B
The upcoming fund will invest across Japan, India, China, South Korea, and Southeast Asia. KKR managed $80B AUM in Asia as of September.
Competitive fundraising landscape
KKR joins peers in launching major Asia-focused funds:
- EQT: $11.4B secured; targeting $14.5B
- Bain Capital: targeting $7B+
- Blackstone: raising $10B+ for its third Asia fund
Asia remains one of the most attractive global private equity markets, driven by demographics, digitization, and favorable exit conditions.