Carlyle powers past $4.5bn for latest Asia fund first close, could seal “best fundraising year ever”


Carlyle has revealed it hit a $4.5bn first close of its latest Asia fund on Monday, in the midst of “one of our best fund-raising years in the last decade” according to co-founder William Conway.

Conway said in an earnings call for the firm’s latest quarterly results that 2017 could wind up as the buyout giant’s best fundraising year ever.

The firm said it raised $7bn during the third capital, bringing its total in the year-to-date to $18.5bn.

But those figures do not include any of the recent closings related to its large buyout funds according to Conway, who said the $4.5bn-plus Asia fund close was substantially larger than the total committed capital for the prior Asia buyout fund.

He added that Carlyle expected to have the first close for its seventh US buyout fund later this quarter, putting the firm well on the way to hitting its overall $100bn fundraising target across all funds.

The firm its Asia Partners IV fund on $3.9bn in September 2015, bringing its assets under management across all funds in Asia to $13.6bn.

Carlyle CFO Curt Buser revealed during yesterday’s quarterly earnings call that Fund IV had a net IRR of 17 per cent and was 76 per cent invested.

The news comes on the back of news last week that Carlyle co-founders David Rubenstein and William Conway are set to step down as co-CEOs of the business they helped found 30 years ago as part of a huge succession shakeup at the listed private equity giant.

Kewsong Lee and Glenn Youngkin will become co-CEOs in January, with Rubenstein and Conway becoming co-executive chairmen of the board.

Their other co-founder Daniel D’Aniello will become chairman emeritus, while Peter Clare will be named co-chief investment officer alongside Conway.

A statement from Conway, D’Aniello and Rubenstein said, “These promotions ensure continuity in our leadership and maintain the investment processes that have driven our success for 30 years.”

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