Carlyle and Cardinal Capital Group has raised 292 million euros in the final close of their joint Irish private equity fund. Its LPs include the Irish National Pensions Reserve Fund and Enterprise Ireland.
Dublin, Ireland – Global alternative asset manager The Carlyle Group (NASDAQ: CG) and Cardinal Capital Group today announced the final close of their Carlyle Cardinal Ireland Fund (CCI), reaching €292million.
Robert Easton, Managing Director and Head of Carlyle’s CCI team, said: “This successful fundraising process reflects the promise in the Irish economy. Carlyle’s deep industry expertise and Cardinal’s broad local knowledge and Irish market experience which will help us find further attractive Irish businesses to partner with.”
He further added “We are grateful for the support of our fund investors, who share our belief that Ireland offers significant quality investment opportunities in many different economic sectors.”
The fund has attracted investors from around the world, and includes the Irish National Pensions Reserve Fund and Enterprise Ireland.
Nigel McDermott, Co-founder of Cardinal Capital Group said: “”We are very pleased with the international fundraising process, which supports and endorses the investment strategy of our cornerstone investors, the National Pensions Reserve Fund and Enterprise Ireland. We are now focussing on combining the expertise of Cardinal and Carlyle to invest in and partner with outstanding Irish businesses.”
With a focus on investment opportunities in the TMT, healthcare, clean-tech, consumer brands, specialist manufacturing and financial services sectors, CCI will look to build on Carlyle’s track record of working with high growth, entrepreneurial, family-owned businesses, as well as companies looking to expand and grow regionally and internationally. Cardinal has a successful 10-year history of investing locally in Ireland.
The fund made its first investment in January 2014, taking a significant majority in the Kildare-based premium chocolate manufacturer Lily O’Brien’s.
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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with approximately $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, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,600 people in 38 offices across six continents.
Cardinal Capital Group (“Cardinal”) is a specialist investment management firm with offices in London and Dublin.
Cardinal’s business activities encompass alternative investment management including hedge funds, private equity and real estate. Cardinal Asset Management Limited (UK) is registered and authorised by the Financial Services Authority as a financial advisor and maintains regulatory approval to conduct a wide range of financial services activities. Cardinal was founded in 2003 by Nigel McDermott and Nick Corcoran.