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Carlyle Group’s second financial fund pulls in $100m less than debut

23 Jun 2014

dollarsThe private equity arm of alternative asset manager the Carlyle Group has closed its Global Financial Services Partners II fund with $1bn.

The amount raised is just under the $1.1bn that the first version of the fund raised in 2010.

Carlyle will use the capital to invest in a range of financial services companies, including wealth management, insurance, financial technology and capital markets/business services.

Managing director Olivier Sarkozy said he hopes to build on the success of its first fund.

He said, “We have successfully exited several investments, returned more than two-thirds of invested capital within the first 22 quarters and achieved a 1.6x gross multiple of invested capital as of March 31.”

Investments in Carlyle’s previous financial services fund include Boston Private, BankUnited and OzForex which it has since exited.

The private equity firm still has Bank of Butterfield, Central Pacific Financial, Duff & Phelps and TCW in its portfolio.

The Global Financial Services Group is part of Carlyle’s Corporate Private Equity segment, the oldest and largest of the firm’s four businesses with more than 250 investment professionals and an AUM of $64.5bn as of March 31, 2014.

Earlier this year, The Carlyle Group signalled its devotion to its private equity fund of funds programme Global Solutions by hiring Reidan Cruz as managing director in global head of sales and marketing.

The Carlyle Group raised $308m for a Peru fund in March last year.

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