The Carlyle Group (Nasdaq: CG) has closed a $3.9 billion fund that will invest in Asia during the best private equity fundraising climate in years.

The fund, Carlyle Asia Partners IV is more than 50 percent larger than Carlyle Asia Partners III, which launched in 2007 and has $2.55 billion in capital commitments.

The line of buyout funds makes control and significant minority investments in companies in Asia.

Carlyle Asia Partners IV exceeded its $3.5 billion target, and brings Carlyle’s assets under management through its Asia funds to $13.6 billion. The fund has already invested in ADT Korea, a security company, and, an operator of online and mobile classifieds ads in China.

Carlyle has invested more than $5.2 billion in China as of June 30. As a whole, the asset manager has about $203 billion in assets under management through 126 funds and 139 fund of funds. 

Other firms that have recently closed funds include BV Investment Partners, which closed a $487 million lower middle-market fund in September, and JMI Equity, which closed a $1 billion fund in August.

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