Carlyle Raising $1 Billion Asia Property Fund

HONG KONG (Reuters) – The Carlyle Group is raising its second Asia real estate fund with a target of $1 billion in a move to tap more property deals in key markets like China and Japan, sources with direct knowledge of the plan said on Monday.

More than half of the capital, or over $500 million, for the fund, which will be called Carlyle Asia Real Estate Partners II, has been committed by its global institutional investors, the sources told Reuters.

The sources declined to be identified as they were not authorised to speak to the media.

A Carlyle spokeswoman in Hong Kong declined to comment.

In August 2005, Carlyle, the Washington D.C.-based U.S. private equity firm, raised $410 Million for its first Asia Real Estate fund, with a focus on major Asian economies including China, Japan and South Korea. (Reporting by George Chen; Editing by Muralikumar Anantharaman)