Private equity powerhouse KKR & Co has raised over $11 billion after the first close of its fourth Asia-focused fund, its Beijing-based managing director Chris Sun said Wednesday.
KKR started marketing the new Asia fund towards the end of last year before the COVID-19 pandemic, targeting $12.5 billion in what would be the region's biggest private equity fund, people familiar with the situation have said.
It is unclear when the final close of the fund will be reached. KKR declined to comment on its fundraising status.
Sun, speaking at the AVCJ China Virtual Forum, said China, the world's second-largest economy, has been an important market for the fund, adding that Japan, India and Southeast Asia are also its focused markets.
The U.S.-based firm has been investing heavily in India this year, most notably a $1.5 billion purchase of a stake in the country's top telecom operator Jio Platforms.