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KKR Targets Southeast Asia's Family Businesses With Record Fund

  • U.S. buyout firm has upgraded investment outlook for Indonesia
  • Firm targeting consumer deals, family firms undergoing changes

KKR & Co., fresh off raising a record $9.3 billion fund, is gearing up to invest more in Southeast Asia as it seeks to capitalize on rising domestic consumption.

The private equity firm is seeking to invest in companies catering to the region’s expanding middle class, which is demanding higher-quality products, according to Ashish Shastry, KKR’s Southeast Asia head. These demographic changes will fuel long-term growth in industries like branded consumer products, health care, education, healthy foods and leisure, Shastry said in an interview in Singapore this month.

KKR sees opportunities as many of the region’s self-made business tycoons get older and begin handing the reins to a new generation of leaders. The transition may lead companies to shed assets to focus on their core operations, according to Shastry. KKR would like to do “a lot more” in the under-penetrated Indonesian market and...