CCMP Asia raises $1.2 bln fund, changes name

HONG KONG, Dec 8 (Reuters) - The Asia unit of U.S private equity firm CCMP on Monday said it raised $1.2 billion for its third buyout fund, pulling the money together at a time when lending is tight, volatility is high, and valuations are falling.

CCMP, the private equity group that spun out of JPMorgan a few years ago, also said its Asia unit was changing its name to Unitas Capital when its affiliation with CCMP ends on Jan. 30, 2009.

Andrew Liu will remain CEO of Unitas, the firm said. CCMP Capital Advisors and CCMP Asia operated and raised funds independently during the last three years, the firm said.

(Reporting by Michael Flaherty, Editing by Jacqueline Wong)