The global alternative asset manager, based in the US, has reportedly set the fundraising target for its new Asia fund.

Washington, DC-headquartered Carlyle Group is looking to raise around $1 billion for a new private equity fund to invest in Asian growth companies, the Wall Street Journal reported, citing people familiar with the matter.

The fund, which is Carlyle’s fifth to target smaller, fast-growing companies across Asia, will be roughly the same size as the firm’s older Asian growth fund, according to the WSJ. That fund raised $1.04 billion in 2008 and generated an 8 per cent net internal rate of return for investors through the end of 2015.

Carlyle could not be reached by this publication for confirmation on the fundraising target.

Recent months have seen busy activity for private equity firms investing in Asia. In January, Hong Kong-based PAG hit $3.6 billion in fundraising for its second Asian buyout fund. In December, Bain Capital raised $3 billion in the region.

Carlyle has $183 billion of assets under management across 126 funds and 160 fund of funds. Its investors range from public and private pension funds to wealthy individuals and families to sovereign wealth funds, unions and corporations.