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Carlyle confident of beating $10bn fund target after collecting $9.4bn

4 Jul 2013

target-hitGlobal private equity investment firm The Carlyle Group is set to break its $10bn target for its latest buyout fund after raking in $9.4bn of commitments from LPs, it is understood.

Carlyle has “visibility” on further investor commitments which will push Fund VI over the $10bn mark according to an investor letter seen by Bloomberg, which said the firm planned to wrap up fundraising in the next few months.

AltAssets reported in February that the firm had gathered $6bn amid what co-CEO David Rubenstein described as the best fundraising climate in five years.

Carlyle’s monstrous fifth fund, which gathered $13.7bn in 2007, was tracking at a net IRR of 11 per cent and 1.5 times cash multiple at the end of March, Bloomberg added.

More than 94 per cent of that fund has been invested or committed to deals.

In April Carlyle reportedly broke the $1bn mark for its latest Asia-focused private equity fund four months after holding a $700m first close.

Carlyle hit the fundraising trail for the $3.5bn-targeting fund in May last year, shortly after the firm debuted on the Nasdaq stock exchange.

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