Exclusive: KKR's new Asia-focused fund targets record $15 billion in 2020 - sources
By Sumeet Chatterjee, Anshuman Daga and Scott Murdoch HONG KONG (Reuters) - Global private equity group KKR & Co Inc is targeting a record $15 billion (£11.7 billion) for a new Asia-focused buyout fund, three sources with knowledge of the plan told Reuters.
By Sumeet Chatterjee, Anshuman Daga and Scott Murdoch
HONG KONG (Reuters) - Global private equity group KKR & Co Inc
Buyout groups including Bain Capital, Blackstone
KKR's fundraising will start in the first quarter of 2020, with the aim of achieving first close, an important milestone indicating the fund has crossed a minimum threshold and can begin making investments, by June, the people said on Thursday.
A spokeswoman for KKR in Hong Kong declined to comment.
The fundraising target and timeline for KKR's planned Asia-focused fund, which will focus on consumer, technology, and manufacturing firms across major markets including Australia, China, Japan, and India, have not previously been reported.
These are countries where it has done large deals in the last few years, including its acquisition of Campbell Soup's
KKR has already received interest for its planned fund from prospective investors, known as limited partners (LPs), including those who invested in its previous Asia funds, two of the people said.
The fund size and fundraising schedule have not yet formalised and the plan is subject to change, said the people, who did not want to be named as the details are not public yet.
An Asian fund of the size KKR is targeting would be the biggest raised by the New York-based firm, whose previous record was $9.3 billion in 2017. It would also be the biggest U.S. dollar-denominated private equity capital raising in the region.
Hillhouse Capital, an investor in top Chinese technology firms including Tencent <0700.HK> and Baidu
A total of 92 funds have raised a combined $42.3 billion in U.S. dollar-denominated Asia funds so far this year, compared to $50 billion raised in the whole of 2018, Preqin data shows.
KKR is also raising capital for investments elsewhere and on Tuesday said it had closed its latest buyout fund European Fund V, focused on transactions in core Western Europe markets, at 5.8 billion euros (£5 billion).
(Reporting by Sumeet Chatterjee, Anshuman Daga and Scott Murdoch; Additional reporting by Julie Zhu; Editing by Alexander Smith)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.