Carlyle Group said Feb. 23 that it raised about $2.5 billion for its fourth distressed and special situations fund, Carlyle Strategic Partners IV (CSP IV). The fund invests in the debt and equity of companies in the U.S., Europe and Asia experiencing financial, operational or cyclical distress. Carlyle said CSP IV closed at its hard cap and is more than triple the size of the prior fund.
Washington, DC – Global alternative asset manager The Carlyle Group (NASDAQ:CG), today announced it has raised approximately $2.5 billion for its fourth distressed and special situations fund, Carlyle Strategic Partners IV (CSP IV). The fundraising effort is more than triple the size of the previous fund and closed at the hard cap.
The CSP team in New York and London invests in the debt and equity of companies in the U.S., Europe and Asia experiencing financial, operational or cyclical distress. The fund has the flexibility to invest throughout the capital structure of a company in bank loans, public debt, public and private equity.
Shary Moalemzadeh, Managing Director and Co-head of CSP, said, “Carlyle Strategic Partners IV builds on the team’s demonstrated ability to find attractive investments, establish control or exert influence, and drive value through operational improvements to generate compelling risk-adjusted returns. With the support of the Carlyle network, CSP IV is poised to source an increasing number of proprietary deals across an array of industries where we have deep sector expertise.”
Ian Jackson, Managing Director and Co-head of CSP, said, “The current global economic and market environment is laying the groundwork for soliddistressed control and turnaround investment opportunities. We believe our experience and approach positions us well to capitalize on the best of these opportunities during the cycle.”
Since 2004, the group has raised approximately $4.8 billion and invested in companies including Metaldyne, an automotive supplier of components for engines and transmissions; Brintons, a specialized global carpet manufacturer; Service King, one of the largest independent U.S. chain of auto body repair shops; and Akari, an elderly nursing and residential home care provider in the UK.
Carlyle Strategic Partners is part of Carlyle’s global credit platform. The credit platform resides within the Global Market Strategies segment, which had $29 billion in assets under management as of December 31, 2016, and has 149 investment professionals in New York, Washington, DC, Los Angeles, Chicago, Hong Kong and London.
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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $158 billion of assets under management across 281 investment vehicles as of December 31, 2016. 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 Investment 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 35 offices across six continents.