Overview

The Asia Growth team targets small buyout and late-stage growth capital investments in China, India and Korea.

Carlyle Asia Growth Partners III

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
Carlyle Asia Growth Partners IV

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
Carlyle Asia Growth Partners V
Carlyle Asia Growth Partners V

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
Carlyle Asia Venture Partners

Launched in 2000 with $159 million, this fund targeted venture investment in emerging technology companies in Asia.

Carlyle Asia Venture Partners II

Launched in 2000 with $159 million, this fund targeted venture investment in emerging technology companies in Asia.

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 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
Company Industry Acquired Status
East River Biochemical Group Industrial
Zhejiang Province , China
Exited
Elitecore Technologies Ltd. Technology & Business Services
India
Exited
Xtep (China) Company Limited Consumer & Retail
China
Exited
Tirumala Milk Products Private Limited Consumer & Retail
India
Exited