View at the construction site of an apartment tower in Beijing, July 19, 2016. Photo: Reuters, Thomas Peter

Private equity firm KKR has raised US$9.3 billion for an Asia-focused buyout fund, outshooting the original goal of US$7 billion and setting a record for the region, reports Reuters.

“We see a diverse set of opportunities across Asia Pacific stemming from rising consumption and urbanization trends in key markets as well as larger carve-out and cross-border transactions in countries such as Japan,” head of Asia private equity at KKR, Ming Lu wrote in a statement.

A total of 16 Asia-focused funds have already raised US$11.7 billion this year, compared to US$13 billion for the whole of 2016, and there are more to come. TPG, Bain, and Blackstone Group are all set to raise money for real estate, credit and buyout funds.