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KKR secures $3 billion for new Asia fund

June 22, 2012: 3:13 PM ET

Henry Kravis

Private equity giant builds its Asia war chest.

FORTUNE -- Kohlberg Kravis Roberts & Co. (KKR) has secured just over $3 billion for its second Asia-focused private equity fund, according to a regulatory filing. This includes around $2.76 billion in commitments from outside investors, plus $250 million being committed by the firm's general partners.

The firm is seeking a $5.75 billion in outside commitments, bringing the total fund target to $6 billion.

KKR raised $4 billion for its inaugural Asia fund in 2004. Through the end of 2011, it had called down more than 91% of its capital and returned around $770 million to limited partners. Once remaining portfolio value was taken into account, the fund had an 11.15% internal rate of return and a 1.2x total value multiple, according to data from the Washington State Investment Board.

KKR currently has six Asia-Pacific offices, in Beijing, Hong Kong, Tokyo, Mumbai, Seoul and Sydney. There also are reports this week that it is building out a Singapore investment team.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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