Carlyle Raises $1.04 Billion for Asia Growth Fund

HONG KONG (Reuters) – The Carlyle Group on Tuesday said it raised $1.04 billion for its fourth Asian growth capital fund, a 46 percent increase from the previous fund size.

CAGP, one of four investment funds Carlyle has in the region, invests in high growth private companies in China, India, Korea and other Asian markets.

Carlyle said it raised the money in 14 months, adding that it reflects improving investor sentiment towards China and India as the two major economies begin to stabilize.

Nearly 40 percent of the fund’s investors are new, Carlyle said.

“Despite the economic downturn, most of our growth capital portfolio companies have achieved growth rates in the range of 20-50 percent over the last year,” Wayne Tsou, Managing Director and Head of Carlyle Asia Growth Partners, said in a statement.

CAGP IV made its first investment in a Chinese high-end women’s fashion company Ellassay.

Washington D.C.-based Carlyle Group is a global private equity firm with $84.5 billion of assets under management committed to 64 funds as of March 31, 2009. Carlyle invests in buyouts, growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America.

(Reporting by Michael Flaherty; Editing by Chris Lewis)