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Carlyle rises above treacherous fundraising market with $13.3bn buyout fund close

25 Nov 2013

dollar3_170sqGlobal buyout giant The Carlyle Group has raised one of the biggest private equity funds since the global financial crisis by holding a $13bn final close for its Carlyle Partners VI vehicle.

More than 260 LPs from 43 countries piled into the fund, which began fundraising in 2011 with a $10bn target.

The treacherous fundraising market following the worldwide downturn has hit many first-time and underperforming fund managers hard, with scores of new vehicles coming in under target in protracted fundraises.

But the more successful giants such as Carlyle seem to have risen above the problems, with this latest fund strong evidence LPs have narrowed their interest focus more on firms with big pockets and strong track records.

AltAssets reported in July that Carlyle was set to break the $10bn target for its sixth major US buyout fund after raking in $9.4bn of commitments from LPs.

Last month the firm revealed that its private equity dry powder increased to over $20bn in the second quarter of 2013 thanks to follow-up closings on its flagship US and Asia buyout funds.

Carlyle’s previous US buyout fund, the $13.7b Carlyle Partners V, closed at the end of 2008.

Allan Holt, managing director and co-head of the US Buyout Group, said, “We are grateful for the support of our fund investors, many of whom are repeat investors. Institutional and individual investors across the globe understand the value of having a proven buyout fund in their portfolio. We will take good care of their money as we work to invest wisely and create value.”

Fellow US Buyout Group co-head Peter Clare added, “Our deep and experienced industry investment teams continue to identify attractive investment opportunities.

“Combining that industry knowledge with Carlyle’s 27 Operating Executives and global network creates a powerful platform for value creation for our fund investors.

“Growth drives most of our value creation and we have built the capabilities necessary to find and accelerate real growth.”

Other heavyweight fundraises since 2007 include Warburg Pincus’ latest vehicle, which held a final close of $11.2bn in May.

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