The Carlyle Group has reached a final close of Carlyle Global Financial Services Partners II. The $1 billion fund will make investments in asset and wealth management, insurance, specialty finance, financial technology, depositories and capital markets/business services.
Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced the final close of Carlyle Global Financial Services Partners II, a $1 billion fund that will make investments in asset and wealth management, insurance, specialty finance, financial technology, depositories and capital markets/business services.
Olivier Sarkozy, Managing Director and Head of the Global Financial Services Group, said, “We look forward to building on the demonstrated results achieved in our first fund, where 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, 2014. We appreciate investors’ continued support of our approach: targeting quality management teams and proven franchises in the mid-market financial services space where our capital, expertise and the Carlyle network can make a real difference.”
Carlyle’s previous financial services fund is the $1.1 billion Carlyle Global Financial Services Partners I, closed in 2010. Notable investments in that fund include Boston Private, BankUnited and OzForex (exited); Bank of Butterfield, Central Pacific Financial, Duff & Phelps, Edgewood Partners Insurance Center (EPIC), Sandler O’Neill & Partners and TCW, among others.
The Global Financial Services Group is part of the Carlyle’s Corporate Private Equity segment, the oldest and largest of the firm’s four businesses with more than 250 investment professionals and assets under management of $64.5 billion as of March 31, 2014.
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Past performance is not necessarily indicative of future results. Invested capital represents the original cost of all capital called for investments since inception. Gross multiple of invested capital represents all realized proceeds combined with current unrealized and remaining fair value, before management fees, expenses and carried interest (which reduce returns and, in the aggregate, are expected to be substantial), divided by cumulative invested capital. The valuation of the realized proceeds is based upon actual cash proceeds received plus the value of in-kind distributions as of the distribution date. The valuation of the fund’s unrealized and remaining fair market value is performed in accordance with ASC 820. The actual realized returns on the fund’s unrealized and remaining fair market value will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ materially from the assumptions on which the valuations used to derive the performance data contained herein are based.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $199 billion of assets under management across 120 funds and 133 fund of funds vehicles as of March 31, 2014. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,600 people in 38 offices across six continents.