The latest fund is more than Carlyle’s initial target of US$5 billion (RM20 billion) and 65% bigger than its previous Asia buyout fund, said the US-based private equity firm with US$201 billion (RM807 billion) of assets under management globally.

Reuters reported last month, citing people with knowledge of the matter, that Carlyle had raised its Asia fundraising target following a strong response from its investors and that it was looking to close the fund at US$6.5 billion (RM26.1 billion).

“We expect to see more and larger investment opportunities in the region driven by innovation, attractive demographics, rising consumption and corporate spin-offs,” X. D. Yang, chairman of Carlyle Asia excluding Japan, said in a statement.

Investor interest in Asia-focused private equity has grown as deals have increased in size following corporate restructuring and as global private equity funds make headway in key markets, including China, India, and Japan.

Carlyle, together with more than a dozen investors including Singaporean sovereign wealth fund GIC Pte Ltd and state investor Temasek Holdings (Private) Ltd, as well as US private equity firm Warburg Pincus LLC, joined Ant Financial Services Group’s latest US$14 billion (RM56.2 billion) fundraising, the world’s largest ever.

The Asian region has become a key battleground for global financial sponsors – a total of 342 funds raised a combined US$107 billion (RM429.6 billion) in Asia last year, according to data provider Preqin.

US-based KKR & Co closed a new Asia-focused buyout fund in June last year after raising US$9.3 billion (RM37.3 billion), a record for the region. The record could soon be broken by Chinese investment firm Hillhouse Capital Group, which has received commitments of over US$10 billion (RM40 billion) in a new private equity fund, according to people familiar with the fundraising.