Carlyle in first close on Asia structured credit fund

The US alternative investment firm has raised $235.6m towards the $1bn goal for its debut Asia Structured Credit Opportunities Fund.  

The Carlyle Group has reached a first close on Carlyle Asia Structured Credit Opportunities Fund (CASCO). The firm reported in an Securities and Exchange Commission (SEC) filing last week (4 December) that it has collected $235.6 million for the strategy, which is targeting $1 billion overall.

A Carlyle spokesman declined to comment on fundraising.

The Asia structured credit strategy is part of Carlyle’s Global Market Strategies (GMS) platform, which handles $35.5 billion in assets. While the group manages a variety of US and European debt products, the Asia fund is the first dedicated structured credit vehicle focused on the region. CASCO targets privately negotiated tranches of Asian structured financings backed by corporate and consumer loan receivables, according to Carlyle’s website.

Describing Carlyle’s decision to launch the strategy in 2014, the firm said: “Given the imbalance in the supply of and demand for capital in Asia, we believe there is a long-term opportunity to achieve attractive risk-adjusted returns In addition, the size and relative nascency of the Asian securitization markets present what we believe is an opportunity to build a diversified portfolio of Asian structured financings.”

Gregory Park, Carlyle’s Hong Kong-based head of Asia Structured Credit, leads the strategy. Before joining Carlyle last year, he was founder and managing partner of Northstone Peak Investment Advisors, an alternative credit manager focused on structured financings for government agencies, banks, non-bank finance companies and corporates across Asia. Before Northstone Peak, Park was managing director and head of Asia securitized products for Deutsche Bank in Hong Kong for four years.

According to the fund filings, Carlyle is raising money via TCG Securities, its own Washington, D.C.-based broker-dealer affiliate, as well as Alistithmar Capital, a Saudi Arabia-based broker and subsidiary of The Saudi Investment Bank.

Carlyle has $188 billion in total assets under management. The firm is headquartered in Washington, D.C. The firm has nine Asian outposts including an office in Hong Kong.