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Carlyle's co-head for Asia is leaving to set up new fund

Michael Kim, the departing co-head of Carlyle Asia, together with five other Asian executives of the US private equity giant's team, is planning to set up a $1-1.5bn buy-out fund focusing on Japan, South Korea and China, according to the Financial Times.

Only last week, Carlyle underlined its commitment to and confidence in the region when the firm announced that it would expand its pan-Asian investment activities and open new offices in Beijing, China, Mumbai and India. Kim's new team is likely to compete for the same deals as Carlyle.

Carlyle has $18.9bn under management and employs a team of 300 investment professionals. The firm has five funds in Asia and Japan, with a total of $1.6bn in assets under management.

Kim's departure and his confidence in being able to raise a substantial new fund reflects the growing institutional interest in the region. A string of highly profitable exits have been the main driver but there is also a gentle trend towards internationalising private equity portfolios to better balance exposure to mature and emerging markets.

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