Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that it has raised $3.6 billion for Carlyle Global Partners (CGP), the firm’s first long-dated private equity fund. The fund was established in late 2014 and has already invested or committed $1.1 billion of equity in four companies.
Carlyle Global Partners pursues investments with the potential for attractive returns and net asset value appreciation over a longer time horizon than traditional private equity funds. CGP has a flexible investment mandate, is sector- and geography-agnostic, and has limited need for nearer-term liquidity events, enabling it to be a differentiated partner with management teams, family businesses and corporate partners to build businesses over the long-term. Including co-investment, CGP has the capacity to invest more than $500 million of equity per transaction.
William E. Conway, Jr., Carlyle’s Co-CEO and CIO, said, “Carlyle Global Partners is complementary to and a natural extension of our established global buyout business. The CGP team, which includes professionals from four other Carlyle buyout funds as well as outside professionals, brings deep industry expertise and a global network. The fund is off to a strong start and we see increasing opportunities for CGP’s long-term capital.”
Eliot Merrill and Tyler Zachem, Co-Heads of CGP, said, “We are pleased to partner with a number of longstanding Carlyle investors on this innovative fund. In addition to getting excellent traction with investors, we are seeing significant opportunities to invest capital for the long-term. We have already made three investments and will fund a fourth in November. Each is emblematic of the CGP mandate to invest long term alongside owners and management teams in sectors and geographies that complement Carlyle’s private equity funds.”
The 13-person CGP team, located in New York and London, has invested or committed $1.1 billion in equity in four deals: Global Jet Capital, a global provider of financing solutions to the corporate and private aircraft market; Content Partners, an aggregator of intellectual property in the entertainment and media space; NEP Group, a global provider of outsourced broadcast and live event production services; and Schoen Klinik, an operator of specialty hospitals in Germany (closing expected in November).
CGP is co-headed by Eliot Merrill, a 15-year Carlyle veteran who previously focused on U.S. buyout opportunities, and Tyler Zachem, who came to Carlyle in 2015 from Broad Sky Partners, where he was CEO and Founding Partner.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $176 billion of assets under management across 128 funds and 170 fund of funds vehicles as of June 30, 2016. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 35 offices across six continents.
