Carlyle raises half of $1bn Asia fund

The Washington DC-based private equity firm is reportedly on course to close its $1bn Carlyle Asia Real Estate Partners II fund in the second half of the year. It has raised $500m to date according to reports.

Washington DC-based Carlyle Group has reportedly raised more than half of its equity target for its second Asian real estate fund.

The firm has raised more than $500 million of a $1 billion equity target for its Carlyle Asia Real Estate Partners II fund, according to Reuters. The firm is expected to hold a final close in the second half of the year.

Among its investors is the Pennsylvania Public School Employees' Retirement System (PSERS) which, according to fund documents published by the pension fund last year and reported by PERE, agreed to invest $150 million in the vehicle.

The fund follows Carlyle’s maiden Asia private equity real estate fund, which closed on $410 million in August 2005. That fund is thought to be close to being fully invested. It was launched to target opportunities in China, Japan and Korea and was managed by 10 professionals across Carlyle’s offices in Beijing, Hong Kong, Seoul, Shanghai and Tokyo.

Carlyle’s Asian real estate platform is led by managing director and head of real estate, Jason Lee.

Previous investments in Asia by the firm include the acquisition of the Pacific Tower and the Century Tower, two 20-storey office buildings in Seoul. Carlyle has also invested in the Omiya Center Building, a 14-storey office in Saitama City, north of Tokyo. The firm has also invested in other sectors such as warehousing.