Relativity Nears First Close

There was a trade press report last week that Relativity Fund had held a $100 million first close for its inaugural fund, but sources tell me that the report was premature. The firm has soft circles in excess of that amount, but a formal first close won't come for another couple of months (probably on $150m). A final close on its $300 million target is expected for year-end or early 2008.

What's the Carlyle connection? Relativity was founded last year by former Carlyle partner Leslie Armitage, along with Joyce Johnson-Miller, former Cerberus managing director and JME Opportunity Partners founder.