CVC Asia Pacific, the buyout firm set up in the region by CVC Capital Partners and Citigroup, is expected to start raising its third fund in the second half of the year.

Although the firm declined to comment, sources told Private Equity News the target size has yet to be determined but that it was unlikely to breach the $4bn (€3bn) that buyout peer Kohlberg Kravis Roberts is aiming to raise for its Asia fund.