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ALTERNATIVES

KKR closes Asian Fund III at $9.3 billion

KKR has closed its KKR Asian Fund III at $9.3 billion, the largest Asia-Pacific-focused fund raised, according to a news release from the firm.

The new fund is 55% larger than the $6 billion KKR Asian Fund II, which closed in 2013.The fund has a flexible mandate, giving KKR executives the ability to invest in leveraged buyouts and to take growth equity stakes in companies in the Asia-Pacific region.

KKR and KKR employees committed about $800 million to the new fund, KKR's second-largest commitment to one of its funds.

Investors in the fund include the $9 billion Arizona Public Safety Personnel Retirement System, Phoenix.