The Carlyle Group has held a $1.1 billion final close on its first financial services fund. The fund, led by Olivier Sarkozy, has made three investments to date: Bank of N.T. Butterfield & Son Ltd., BankUnited and Boston Private Financial Holdings, Inc. (Nasdaq: BPFH).
Global private equity firm The Carlyle Group today announced it has raised $1.1 billion for its first financial services fund, Carlyle Global Financial Services Partners (CGFSP). The Financial Services team, which has made three investments to date, focuses on financial services companies around the world, including banks, insurance companies, asset managers and financial service providers.”We are grateful for the support of our investors and the confidence they have placed in us. We have been exceptionally disciplined and have maintained our focus on investing where we can add the most value: mid-market and regional financial institutions that need both additional capital and the confidence that comes with an investment from Carlyle,” said P. Olivier Sarkozy, Carlyle Managing Director and Head of the Financial Services team.
Carlyle Co-Founder David M. Rubenstein said, “Olivier and his team have made three promising investments already, which, for a first-time fund, demonstrated to investors along the way that we had assembled a talented group at the right time to capitalize on a range of opportunities in the financial services space.”
In June 2007, Carlyle established its Global Financial Services Group, which now has 12 investment professionals, including Managing Directors James Burr, former Corporate Treasurer of Wachovia Bank, and Randal K. Quarles, former Under Secretary of the U.S. Treasury for Domestic Finance.
From offices in New York and Washington, DC, the team reviews a broad range of financial services opportunities around the globe, leveraging its blend of operational and financial expertise and industry relationships to generate opportunities on behalf of its limited partners with attractive risk adjusted returns.
CGFSP has made three investments, comprising 30 percent of its fund: Bank of N.T. Butterfield & Son Limited (3/2010); BankUnited (5/2009) and Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (8/2008).
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The Carlyle Group is a global private equity firm with $88.6 billion of assets under management committed to 67 funds as of December 31, 2009. Carlyle invests in buyouts, growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $59.6 billion of equity in 952 transactions for a total purchase price of approximately $233.0 billion. The Carlyle Group employs more than 860 people in 19 countries. In the aggregate, Carlyle portfolio companies have more than $84 billion in revenue and employ more than 398,000 people around the world. www.carlyle.com