The Carlyle Group is raising a new Asia buyout fund with target size up to $3 billion as the U.S. private equity giant aims to tap more deals in Asia, two fund industry sources said on Friday.

It would be Carlyle's third buyout fund for Asia. Its last Asia buyout fund was $1.8 billion launched in July 2006, and it is invested in various projects across the region, including a landmark deal with China Pacific Insurance (Group) Co Ltd, China's No. 3 life insurer.

The sources, who are institutional investors who were briefed on Carlyle's plan, declined to be identified because the fund-raising process is private. Carlyle declined to comment.

(Reporting by George Chen; Editing by Ken Wills)