New Offices in Beijing, Mumbai and Sydney Show Promise of Region and Will Expand Ability to Invest $1.6 Billion in Assets
Global private equity firm The Carlyle Group announced a reorganization and significant expansion of its pan-Asian investment activities, demonstrating the firmâs commitment to and confidence in the region. In the next three months, Carlyle will open offices in Beijing, China, Mumbai, India and Sydney Australia.
Carlyleâs Asia buyout fund will continue to be led by Managing Director Xiang-Dong (XD) Yang, a PRC native who joined Carlyle in early 2001, and he will be joined by Managing Director Gregory Zeluck, who has lived in Asia for most of his life and joined Carlyle in 1998.
Carlyleâs five funds in Asia and Japan have more than $1.6 billion in assets under management. Carlyle is the only private equity fund with separate buyout, growth capital and real estate funds operating in the region.
These new offices join Carlyleâs existing Asia and Japan offices in Shanghai, Hong Kong, Seoul, Singapore and Tokyo.
David M. Rubenstein, Carlyle Co-founder and Managing Director, said, âThere is tremendous opportunity in Asia and we will stay in the vanguard of exploring and capturing this potential. Carlyle was the first U.S. 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 buyout, growth capital and real estate transactions in this new land of opportunity.â
Under the leadership of XD Yang and Greg Zeluck will be several regional office heads. Carlyle Managing Director John Kwun has been named regional head of Korea buyout, while regional heads for India and Australia buyout will be named shortly.
Managing Director Wayne Tsou, a PRC native, directs Carlyleâs growth capital investing in Asia and Japan working with Haruyasu Asakura in Japan and Shankar Narayanan in India.
Managing Director Jason Lee directs Carlyleâs Asian real estate activities, working with Managing Director Rio Minami in Japan.
Mr. Rubenstein said, âOur recent successful investments in India also demonstrate great potential for growth capital and middle market buyout transactions. Mumbai is the business center 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.â
Mr. Rubenstein concluded, âWe have studied Australia for many years and believe now is the time to establish an office in Sydney. Our studies demonstrate a need for private equity and we will use our Asian buyout and growth capital funds to make investments in Australia.â
As part of the Asian reorganization, Carlyle Managing Director Michael Kim will depart Carlyle to pursue private interests in the investment and public service arena.