The Carlyle Group has held a $13 billion final close on its main buyout fund, exceeding its $12 billion hard-cap.
Carlyle Partners VI, which came to market in late 2011 targeting $10 billion, attracted 269 investors from 43 countries.
Carlyle’s senior professionals, operating executives, other professionals and advisors committed $1 billion in capital to the vehicle, “demonstrating alignment with fund investors and confidence in the team”, according to a statement.
“We are grateful for the support of our fund investors, many of whom are repeat investors. Institutional and individual investors across the globe understand the value of having a proven buyout fund in their portfolio. We will take good care of their money as we work to invest wisely and create value,” Allan Holt, managing director and co-head of Carlyle’s US Buyout Group, said in the statement.
“This year will be by far our best fundraising year since the financial crisis and the second best in our firm's history,” Carlyle’s co-chief executive officer David Rubenstein said in a recent earnings call. Sovereign wealth funds are increasing their allocations to private equity, Rubenstein noted, with SWFs now accounting for 13 percent of Carlyle’s capital.
Last week, The New Jersey Division of Investment approved a $300 million commitment to Carlyle Partners VI, according to documents from the pension’s board meeting. Other LPs in Fund VI include the California Public Employees’ Retirement System, the New York City Employees’ Retirement System and the Public Employees Retirement Association of New Mexico, according to Private Equity International’s Research and Analytics division.
Carlyle Partners VI, which has a similar size as Carlyle’s prior buyout fund, a $13.7 billion vehicle which closed in 2008, will target US-based corporate buyouts and strategic minority investments across six industries.