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Carlyle nears bumper exit for China Pacific Insurance

20 Jan 2012

Global private equity heavyweight Carlyle has edged one step closer to realising its largest ever cash exit after selling 18 million shares in China Pacific Insurance, reducing its stake to less than five per cent.

In a statement released by CPIC, the Chinese insurance giant revealed that Carlyle had cut its stake in the company from 5.15 per cent to 4.94 per cent.

Carlyle netted nearly $60m from the sale, taking total proceeds from its four selldowns since December 2010 to around $3.6bn. The firm invested about $800m in the company between 2005 and 2007 in return for a 17 per cent stake, Reuters said.

Carlyle returned $15bn to LPs during the first nine months of last year following an aggressive slew of buy-outs and exits in recent months, a figure equal to the combined returns distributed by private equity peers TPG, KKR and Blackstone.

The news precedes Carlyle’s proposed initial public offering on the Nasdaq index, which is expected to go ahead this year.

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