Overview
The Asia Growth team targets small buyout and late-stage growth capital investments in China, India and Korea.
Launched in 2005 with $680 million, this is a sector-agnostic growth capital fund investing in private high growth companies with outstanding local management and leading market position in China, India, Japan and Korea.
Investment | Industry | Invested | Status | |
---|---|---|---|---|
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Allsec Technologies Limited Allsec Technologies Limited provides support services for inbound customer care, technology helpdesk and inbound/outbound help services. |
Technology & Business Services | Current | |
Babela Restaurant Management Co., Ltd. Restaurant chain based in Shanghai and focused on Italian-style cuisine. |
Consumer & Retail | Exited | ||
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China Forestry Holdings Group China Forestry Holdings Group is a forestry plantation operator in China. |
Industrial | Exited | |
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China Recycling Energy Group China Recycling Energy Group is a recovered-energy solution company engaged in the development, construction and operation of recovered energy power plants for large industrial plants such as cement, steel, petrochemical and glass factories. |
Energy & Power | Exited | |
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Claris Lifesciences Limited Claris Lifesciences Limited manufactures and markets sterile parenteral preparations, life saving medicines and other hospital care products. Claris has a special focus on the delivery systems used for administering these drugs and has developed specialized products in that area. |
Healthcare | Exited | |
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Concord Medical Service Limited Concord Medical Service Limited is the largest woundless medical service network in China. |
Healthcare | Exited | |
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Credit Orienwise Group Credit Orienwise Group is the leading private loan guarantee provider in China. It has a 60% market share in Shenzhen and has established branch offices in Beijing, Shanghai, Changsha, Guangzhou and Fujian - it is the only private guarantor to have a nationwide footprint. Credit Orienwise aims to become China's leading non-banking financial institution providing full financing services to small and medium enterprises and consumers. |
Financial Services | Exited | |
DIO F&B Co., Ltd. The largest coffee shop/leisure dining food and beverage chain in China. |
Consumer & Retail | Exited | ||
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East River Biochemical Group East River Biochemical Group is a manufacturer of biochemical raw materials and biodiesel. |
Industrial | Exited | |
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Elitecore Technologies Ltd. Elitecore Technologies Ltd. is an IT products company focused on the fast-growing Internet security and the converged telecom billing solutions markets. |
Technology & Business Services | Exited | |
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FN STARS Co., Ltd. During the period of Carlyle's ownership, FN STARS Co., Ltd. was an independent distributor of financial services products in Korea. |
Financial Services | Exited | |
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GOL Offshore Limited GOL Offshore Limited provides services to oil and gas companies to support their offshore E&P activities. |
Technology & Business Services | Current | |
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HaoYue Education Group HaoYue Education Group is a private higher education service provider in China. |
Consumer & Retail | Current | |
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HongHua Group Holding HongHua Group Holding is one of the largest land rig manufacturers in the world, specializing in the research, design and production of onshore rigs ranging from 2,000m - 7,000m of drilling depth. In addition to manufacturing drilling rigs and rig parts / components (e.g., mud pumps, masts, substructures, drawworks, drive systems and solids control systems), the company offers drilling-related training and after-sales support services to its customers. |
Energy & Power | Exited | |
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Kaisa Group Holdings Ltd. Kaisa Group Holdings Ltd. is a property developer mainly focusing on the residential sector in Shenzhen and the Pearl River Delta Area (PRD). The company’s strategy is to build its leading market position in Shenzhen and other PRD cities, while simultaneously seeking opportunistic expansions in the Yangtze River Delta and Pan-Bohai regions, as well as other select provincial capital cities in China. |
Real Estate | Exited | |
Nakaya Microdevices Corporation Outsourced Semiconductor Assembly and Testing service provider |
Technology & Business Services | Exited | ||
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NeWorld Education Group NeWorld Education Group is one of the leading language training school chains in Eastern China and has established a strong brand name in providing Japanese language training, kids’ conversational English training, as well as high-end Mandarin training for foreign expatriates in China. |
Consumer & Retail | Exited | |
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Repco Home Finance Limited Repco Home Finance Limited is a professionally managed housing finance company. |
Financial Services | Exited | |
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Shanghai Anxin Flooring Co., Ltd. Shanghai Anxin Flooring Co., Ltd. is a manufacturer and distributor of solid wood flooring materials. |
Industrial | Exited | |
Time Share Advertising & Communication Co. Ltd. Outdoor media company in China, providing custom billboard advertising nationwide. |
Telecom & Media | Exited | ||
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TOPIA Education, Inc. TOPIA Education, Inc. is one of the largest after-school private education/tutoring institutes in Korea. |
Technology & Business Services | Exited | |
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Xtep (China) Company Limited Xtep (China) Company Limited is one of the largest fashion sportswear companies in China. |
Consumer & Retail | Exited |
Launched in 2005 with $680 million, this is a sector-agnostic growth capital fund investing in private high growth companies with outstanding local management and leading market position in China, India, Japan and Korea.
Investment | Industry | Invested | Status | |
---|---|---|---|---|
![]() |
Allsec Technologies Limited Allsec Technologies Limited provides support services for inbound customer care, technology helpdesk and inbound/outbound help services. |
Technology & Business Services | Current | |
Babela Restaurant Management Co., Ltd. Restaurant chain based in Shanghai and focused on Italian-style cuisine. |
Consumer & Retail | Exited | ||
![]() |
China Forestry Holdings Group China Forestry Holdings Group is a forestry plantation operator in China. |
Industrial | Exited | |
![]() |
China Recycling Energy Group China Recycling Energy Group is a recovered-energy solution company engaged in the development, construction and operation of recovered energy power plants for large industrial plants such as cement, steel, petrochemical and glass factories. |
Energy & Power | Exited | |
![]() |
Claris Lifesciences Limited Claris Lifesciences Limited manufactures and markets sterile parenteral preparations, life saving medicines and other hospital care products. Claris has a special focus on the delivery systems used for administering these drugs and has developed specialized products in that area. |
Healthcare | Exited | |
![]() |
Concord Medical Service Limited Concord Medical Service Limited is the largest woundless medical service network in China. |
Healthcare | Exited | |
![]() |
Credit Orienwise Group Credit Orienwise Group is the leading private loan guarantee provider in China. It has a 60% market share in Shenzhen and has established branch offices in Beijing, Shanghai, Changsha, Guangzhou and Fujian - it is the only private guarantor to have a nationwide footprint. Credit Orienwise aims to become China's leading non-banking financial institution providing full financing services to small and medium enterprises and consumers. |
Financial Services | Exited | |
DIO F&B Co., Ltd. The largest coffee shop/leisure dining food and beverage chain in China. |
Consumer & Retail | Exited | ||
![]() |
East River Biochemical Group East River Biochemical Group is a manufacturer of biochemical raw materials and biodiesel. |
Industrial | Exited | |
![]() |
Elitecore Technologies Ltd. Elitecore Technologies Ltd. is an IT products company focused on the fast-growing Internet security and the converged telecom billing solutions markets. |
Technology & Business Services | Exited | |
![]() |
FN STARS Co., Ltd. During the period of Carlyle's ownership, FN STARS Co., Ltd. was an independent distributor of financial services products in Korea. |
Financial Services | Exited | |
![]() |
GOL Offshore Limited GOL Offshore Limited provides services to oil and gas companies to support their offshore E&P activities. |
Technology & Business Services | Current | |
![]() |
HaoYue Education Group HaoYue Education Group is a private higher education service provider in China. |
Consumer & Retail | Current | |
![]() |
HongHua Group Holding HongHua Group Holding is one of the largest land rig manufacturers in the world, specializing in the research, design and production of onshore rigs ranging from 2,000m - 7,000m of drilling depth. In addition to manufacturing drilling rigs and rig parts / components (e.g., mud pumps, masts, substructures, drawworks, drive systems and solids control systems), the company offers drilling-related training and after-sales support services to its customers. |
Energy & Power | Exited | |
![]() |
Kaisa Group Holdings Ltd. Kaisa Group Holdings Ltd. is a property developer mainly focusing on the residential sector in Shenzhen and the Pearl River Delta Area (PRD). The company’s strategy is to build its leading market position in Shenzhen and other PRD cities, while simultaneously seeking opportunistic expansions in the Yangtze River Delta and Pan-Bohai regions, as well as other select provincial capital cities in China. |
Real Estate | Exited | |
Nakaya Microdevices Corporation Outsourced Semiconductor Assembly and Testing service provider |
Technology & Business Services | Exited | ||
![]() |
NeWorld Education Group NeWorld Education Group is one of the leading language training school chains in Eastern China and has established a strong brand name in providing Japanese language training, kids’ conversational English training, as well as high-end Mandarin training for foreign expatriates in China. |
Consumer & Retail | Exited | |
![]() |
Repco Home Finance Limited Repco Home Finance Limited is a professionally managed housing finance company. |
Financial Services | Exited | |
![]() |
Shanghai Anxin Flooring Co., Ltd. Shanghai Anxin Flooring Co., Ltd. is a manufacturer and distributor of solid wood flooring materials. |
Industrial | Exited | |
Time Share Advertising & Communication Co. Ltd. Outdoor media company in China, providing custom billboard advertising nationwide. |
Telecom & Media | Exited | ||
![]() |
TOPIA Education, Inc. TOPIA Education, Inc. is one of the largest after-school private education/tutoring institutes in Korea. |
Technology & Business Services | Exited | |
![]() |
Xtep (China) Company Limited Xtep (China) Company Limited is one of the largest fashion sportswear companies in China. |
Consumer & Retail | Exited |
Launched in 2005 with $680 million, this is a sector-agnostic growth capital fund investing in private high growth companies with outstanding local management and leading market position in China, India, Japan and Korea.
Investment | Industry | Invested | Status | |
---|---|---|---|---|
![]() |
Allsec Technologies Limited Allsec Technologies Limited provides support services for inbound customer care, technology helpdesk and inbound/outbound help services. |
Technology & Business Services | Current | |
Babela Restaurant Management Co., Ltd. Restaurant chain based in Shanghai and focused on Italian-style cuisine. |
Consumer & Retail | Exited | ||
![]() |
China Forestry Holdings Group China Forestry Holdings Group is a forestry plantation operator in China. |
Industrial | Exited | |
![]() |
China Recycling Energy Group China Recycling Energy Group is a recovered-energy solution company engaged in the development, construction and operation of recovered energy power plants for large industrial plants such as cement, steel, petrochemical and glass factories. |
Energy & Power | Exited | |
![]() |
Claris Lifesciences Limited Claris Lifesciences Limited manufactures and markets sterile parenteral preparations, life saving medicines and other hospital care products. Claris has a special focus on the delivery systems used for administering these drugs and has developed specialized products in that area. |
Healthcare | Exited | |
![]() |
Concord Medical Service Limited Concord Medical Service Limited is the largest woundless medical service network in China. |
Healthcare | Exited | |
![]() |
Credit Orienwise Group Credit Orienwise Group is the leading private loan guarantee provider in China. It has a 60% market share in Shenzhen and has established branch offices in Beijing, Shanghai, Changsha, Guangzhou and Fujian - it is the only private guarantor to have a nationwide footprint. Credit Orienwise aims to become China's leading non-banking financial institution providing full financing services to small and medium enterprises and consumers. |
Financial Services | Exited | |
DIO F&B Co., Ltd. The largest coffee shop/leisure dining food and beverage chain in China. |
Consumer & Retail | Exited | ||
![]() |
East River Biochemical Group East River Biochemical Group is a manufacturer of biochemical raw materials and biodiesel. |
Industrial | Exited | |
![]() |
Elitecore Technologies Ltd. Elitecore Technologies Ltd. is an IT products company focused on the fast-growing Internet security and the converged telecom billing solutions markets. |
Technology & Business Services | Exited | |
![]() |
FN STARS Co., Ltd. During the period of Carlyle's ownership, FN STARS Co., Ltd. was an independent distributor of financial services products in Korea. |
Financial Services | Exited | |
![]() |
GOL Offshore Limited GOL Offshore Limited provides services to oil and gas companies to support their offshore E&P activities. |
Technology & Business Services | Current | |
![]() |
HaoYue Education Group HaoYue Education Group is a private higher education service provider in China. |
Consumer & Retail | Current | |
![]() |
HongHua Group Holding HongHua Group Holding is one of the largest land rig manufacturers in the world, specializing in the research, design and production of onshore rigs ranging from 2,000m - 7,000m of drilling depth. In addition to manufacturing drilling rigs and rig parts / components (e.g., mud pumps, masts, substructures, drawworks, drive systems and solids control systems), the company offers drilling-related training and after-sales support services to its customers. |
Energy & Power | Exited | |
![]() |
Kaisa Group Holdings Ltd. Kaisa Group Holdings Ltd. is a property developer mainly focusing on the residential sector in Shenzhen and the Pearl River Delta Area (PRD). The company’s strategy is to build its leading market position in Shenzhen and other PRD cities, while simultaneously seeking opportunistic expansions in the Yangtze River Delta and Pan-Bohai regions, as well as other select provincial capital cities in China. |
Real Estate | Exited | |
Nakaya Microdevices Corporation Outsourced Semiconductor Assembly and Testing service provider |
Technology & Business Services | Exited | ||
![]() |
NeWorld Education Group NeWorld Education Group is one of the leading language training school chains in Eastern China and has established a strong brand name in providing Japanese language training, kids’ conversational English training, as well as high-end Mandarin training for foreign expatriates in China. |
Consumer & Retail | Exited | |
![]() |
Repco Home Finance Limited Repco Home Finance Limited is a professionally managed housing finance company. |
Financial Services | Exited | |
![]() |
Shanghai Anxin Flooring Co., Ltd. Shanghai Anxin Flooring Co., Ltd. is a manufacturer and distributor of solid wood flooring materials. |
Industrial | Exited | |
Time Share Advertising & Communication Co. Ltd. Outdoor media company in China, providing custom billboard advertising nationwide. |
Telecom & Media | Exited | ||
![]() |
TOPIA Education, Inc. TOPIA Education, Inc. is one of the largest after-school private education/tutoring institutes in Korea. |
Technology & Business Services | Exited | |
![]() |
Xtep (China) Company Limited Xtep (China) Company Limited is one of the largest fashion sportswear companies in China. |
Consumer & Retail | Exited |
Launched in 2000 with $159 million, this fund targeted venture investment in emerging technology companies in Asia.
Launched in 2000 with $159 million, this fund targeted venture investment in emerging technology companies in Asia.
Investment Approach
The Asia Growth team invests behind outstanding entrepreneurs and local management teams to fund high growth companies across a broad range of sectors with a geographic focus on China, India and Korea.
The Asia Growth team deploys a country-specific strategy with an emphasis on acquiring significant minority or majority stakes in private companies with a track record of profitability and a potential for continued growth across industries where Carlyle has deep expertise.
In China, the Asia Growth team focuses on high-growth sectors benefitting from the emergence of affluent Chinese middle class, demographic changes, structural reforms and demand for upgrade across all sectors.
In India, the Asia Growth team focuses on businesses in consumption or export-led sectors with attractive return ratios that benefit from sustained domestic demand for growth and/or India’s skill base and factor cost advantage across services and manufactured products.
In Korea, the Asia Growth team primarily focuses on small-cap buyouts and opportunistically targets minority positions with significant influence in companies with characteristics of strong growth and cash generation.
The regionally integrated team is comprised of seasoned investment professionals, each a local native to his/her respective country, spread across four offices in Beijing, Hong Kong, Mumbai and Seoul. The team's post-investment approach is to be a hands-on, long-term value-adding partner to the portfolio company CEO and senior management, leveraging the One Carlyle global network and resources to accelerate the growth of the portfolio companies through support in areas such as strategy formulation, business development, M&As, global expansion, fundraising, senior management recruitment and IPOs.
The Asia Growth team is currently investing out of Carlyle Asia Growth Partners V, L.P. (CAGP V). . The team is also managing two predecessor funds, the $680 million Carlyle Asia Growth Partners III, L.P. (CAGP III) launched in 2005, and the $1.04 billion Carlyle Asia Growth Partners IV, L.P. (CAGP IV) launched in 2008, for a total assets under management of approximately $1.1 billion.
Team
Team Member | Title | Location | Industry |
---|---|---|---|
Jae Hyuk Hwang | Associate | Seoul, Korea | |
Wanlin Liu | Managing Director | Shanghai, China | |
Wayne Wen-Tsui Tsou | Managing Director | Hong Kong, China | |
Aaron Zhang | Director | Shanghai, China |
Case Study
Company | Industry | Acquired | Status | |
---|---|---|---|---|
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East River Biochemical Group | Industrial |
Zhejiang Province , China |
Exited |
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Elitecore Technologies Ltd. | Technology & Business Services |
India |
Exited |
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Xtep (China) Company Limited | Consumer & Retail |
China |
Exited |
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Tirumala Milk Products Private Limited | Consumer & Retail |
India |
Exited |