KKR亚洲基金完成60亿美元筹资

KKR, the US private equity group, has achieved its goal of raising $6bn for its new Asia fund, according to people familiar with the matter, making it the largest fund focused on the region.

知情人士称，美国私人股本集团KKR已完成为其新设亚洲基金筹资60亿美元的目标，这令其成为规模最大的关注亚洲的私人股本基金。

KKR’s success is striking as it comes at a time of growing scepticism about the ability of private equity groups in both developed and developing markets to put large amounts of capital to work.

KKR的成功之所以引人注目，是因为目前有越来越多的人怀疑，私人股本集团无论在发达市场还是发展中市场能否让巨额资金投入运作。

That uncertainty has been focused on deals in China as mainland growth has slowed and amid competition from local funds whose founders are often politically well connected.

这种不确定性主要围绕着中国的交易，目前中国内地经济增速放缓，同时还有来自本土基金的竞争，这些基金的创始人往往有着广泛的政治人脉。

Moreover, China’s quota system for listings and a sluggish stock market mean selling investments in mainland companies by taking them public on the stock exchanges in Shanghai or Shenzhen is a challenge. In addition, some private equity investments have been hit by suspicions and allegations of fraud.

另外，中国的上市配额制和股市低迷意味着，通过让企业在上海或深圳证交所上市来退出在内地企业的投资是一种挑战。另外，一些私人股本投资受到欺诈猜测和指控的影响。

But the scepticism is not confined to China. Few deals have been done in Indonesia, for example. Carlyle waited 10 years before finally being able to put a small amount of money to work there. Bain and TPG have had problems with accounting irregularities in India, an issue that people familiar with the matter said prompted both to quit the board of apparel maker Lilliput Kidswear last year. Bain and TPG declined to comment.

然而这种怀疑并不限于中国。例如，印尼几乎没有私人股本交易达成。凯雷(Carlyle)等了10年，才终于将少量资金投入印尼。贝恩(Bain)和德州太平洋集团(TPG)在印度遭遇会计违规问题，知情人士表示，这一问题促使两家公司去年退出了服装制造商Lilliput Kidswear的董事会。贝恩和德州太平洋均拒绝置评。

Anti-foreign sentiment can also play a part. For example, when Oriental Brewery, a KKR-backed company based in South Korea, secured government permission to raise beer prices, it became the object of a buy-local campaign.

排外情绪也可能起到一定作用。例如，当KKR支持的韩国东洋啤酒公司(Oriental Brewery)获得提高啤酒价格的政府审批时，它成为了一场购买国货运动的目标。

KKR’s Asia team, led by Joe Bae, David Liu and Sanjay Nayar, is highly regarded. Mr Liu is one of the few China investors who has his home on the mainland rather than in Hong Kong, helping the company emphasise its local ties. It has been able to raise money for investors ranging from a local fund of funds, Asia Alternatives, to the US state of Washington.

由乔·贝(Joe Bae)、刘海峰(David Liu)和Sanjay Nayar领导的KKR亚洲团队备受推崇。刘海峰是为数不多的在中国内地（而非香港）安家的中国投资者之一，他帮助该公司强调其本地联系。该公司曾为多种投资者成功筹资，从中国本土的基金的基金Asia Alternatives，到美国华盛顿州。

“The KKR team has been very stable, commanding a unique combination of global institutional training and local knowledge and expertise, says Rebecca Xu, a founding partner of Asia Alternatives, which invests in buyout groups with Asian portfolios.

Asia Alternatives创始合伙人徐红江(Rebecca Xu)表示：“KKR团队一直非常稳定，将全球机构培训与本土知识及诀窍独特地结合在一起。该基金投资于拥有亚洲投资组合的收购集团。

KKR’s competitors have a more patchy record in the region. Outside India, for example, Blackstone is largely invisible as a result of the paucity of meaningful buyout deals, according to Blackstone partners. Bain was able to raise $2bn this year, while Carlyle is in the early stages of fundraising for its Asian fund.

KKR的竞争对手在亚洲的记录更为参差不齐。例如，黑石(Blackstone)合伙人表示，由于缺乏大规模收购交易，在印度以外，该公司基本上没有名气。贝恩今年成功筹资20亿美元，而凯雷的亚洲基金尚处于筹资初期。

TPG, which has one of the longest histories in the region, has been having trouble reaching its goal for its latest Asia fund, so far raising more than $1bn, say investors, but still well short of its $4bn target despite repeated visits to the region by co-founder David Bonderman.

在亚洲历史最长的私人股本公司之一——德州太平洋一直难以完成为其最新亚洲基金募资的目标，据投资者表示，目前该公司筹资超过10亿美元，距离40亿美元的筹资目标还很远，尽管该公司联合创始人庞德文(David Bonderman)多次亲临亚洲。

That difficulty reflects problems in TPG’s Asian and US portfolios. Yesterday Chinese sportswear maker Li Ning, one of TPG’s portfolio companies, warned it would post a loss for the year. Shares in Li Ning are down more than 20 per cent so far this year.

这一困难反映出德州太平洋的亚洲和美国投资组合的问题。德州太平洋投资的企业之一、中国运动服饰制造商李宁(Li Ning)最近警告称，今年将录得亏损。李宁股价今年迄今已下跌逾20%。