Waning investor appetite in the current challenging fundraising environment has prompted US private investment major the Carlyle Group to lower the target for its latest pan-Asia private equity fund by at least 30%, according to a report by Reuters.
The report cites three people with knowledge of the matter as revealing that Carlyle has raised less then $3bn so far for the fund, which had an original target of $8.5bn, with the firm now setting its sights on a $6bn final close.
Carlyle started fundraising its sixth Asia-focused fund in mid-2022, and is aiming for a final close in the third quarter of next year, according to one of Reuters’ sources.
Data from Preqin shows that Asia-focused fundraising has fallen dramatically from 2021, with funds securing $299 billion two years ago, $154 billion in 2022 and just $73 billion so far this year.
Asia private equity exits this year meanwhile, total $15.6bn, a fall of 82% year-on-year, according to data from Dealogic.