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US-based Carlyle to build up presence and activities in pan-Asian region

US-based private equity giant The Carlyle Group plans to expand its pan-Asian investment activities and to open offices in Beijing, China, Mumbai, India and Sydney in addition to the firm's existing offices in Shanghai, Hong Kong, Seoul, Singapore and Tokyo. The firm says that this move demonstrates its commitment to and confidence in the region.

Managing director Xiang-Dong Yang, who leads Carlyle's Asia buy-out fund, will be joined by managing director Gregory Zeluck, who has lived in Asia for most of his life. Together they will lead several regional office heads. Carlyle managing director John Kwun has already been named regional head of Korean buy-outs but the regional heads for Indian and Australian buy-outs have not been announced yet.

Carlyle has five funds in Asia and Japan, with a total of $1.6bn in assets under management.

David M Rubenstein, Carlyle co-founder and managing director, said, 'There is tremendous opportunity in Asia and we will stay in the vanguard of exploring and capturing this potential. Carlyle was the first US private equity firm to establish a China presence, having opened an office in Shanghai in 2004. A new office in Beijing will expand our reach and effectiveness at finding and executing buy-out, growth capital and real estate transactions in this new land of opportunity.'

'Our recent successful investments in India also demonstrate great potential for growth capital and middle market buy-out transactions. Mumbai is the business centre of India and our new office there will better enable us to harness the power of private equity to nurture growing companies and to own and improve larger enterprises,' Rubenstein added.

The Carlyle Group has $18.9bn under management and employs a team of 300 investment professionals.

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