Carlyle closes on $2.5 billion

The global alternative asset manager’s fourth distressed fund is triple the size of the firm’s previous vehicle.

The Carlyle Group has closed Carlyle Strategic Partners IV on its hard-cap of $2.5 billion.

Limited partners in the vehicle included the Minnesota State Board of Investment and the California Public Employees' Retirement System.

The firm’s third distressed and special situations fund held a final close on $703 million in August 2013.