Carlyle Group (CG.O) is targeting the first closing of a new Asia buyout fund within the next couple of months at over $4 billion, three people familiar with the matter said, bulking up in a region that has become a key market for global funds.

The U.S. private equity titan’s fundraising is part of its planned $5 billion Asia buyout fund, the people said, which, if completed, would be its biggest capital-raising exercise for Asia.

First closing is an important milestone for private equity fundraising because it means the fund has crossed a minimum threshold and could begin making investments.

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