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Carlyle smashes target with $1.38bn energy credit investment fund

27 Nov 2012

The Carlyle Group has raised $1.38bn for its energy credit investment vehicle, Carlyle Energy Mezzanine Opportunities Fund (CEMOF).

The fund will primarily target investments in projects and companies in the power generation and energy sectors requiring capital of $20m to $150m per transaction.

The fundraising effort exceeded Carlyle’s initial goal of $750m.

David Albert, managing director and co-head of the energy credit investment team, said, “We are delighted with the faith investors have shown in us and in our strategy.

“CEMOF provides growth capital which is less dilutive and more flexible than that of traditional private equity.

“We enable owners to maintain control of their companies’ governance and to retain the bulk of the equity upside.”

Rahul Culas, managing director and co-head of the energy credit investment team, said, “We see strong opportunities in the market and have a great team based in New York and Houston to pursue them, as well as the Carlyle global network to assist in sourcing and supporting transactions.

“The fund is off to a strong start having already made six investments in a mix of power generation projects and upstream and downstream energy companies.”

CEMOF reflects Carlyle’s strategy of expanding its asset management business beyond the firm’s historical focus on control-oriented private equity.

The fund resides within Carlyle’s Global Market Strategies segment, which comprises an array of structured credit, middle-market credit and distressed credit products, as well as hedge fund strategies including long/short credit, emerging markets equities, macroeconomic strategy and commodities, totalling 55 funds with $30bn in assets.

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