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Carlyle Group closes third tech fund at €656m

The fund began raising in May 2014 and reached its €600m hard cap within a year

Carlyle Group has closed its Carlyle Europe Technology Partners (CETP) III fund at €656 ($713; £463) million, including €56 million of commitments from the firm.

Fundraising began in May 2014 and the fund reached its €600 million hard cap within a year. Half of the capital in the fund has come from existing investors in CETP II, a €522 million vehicle established in 2008 with investors based largely in the U.S. and Europe.

CETP III is focused broadly on Western Europe and the investment team has experience in countries including Austria, France, Germany, Spain, Sweden, Switzerland and the UK. It will target growth and buyout opportunities in telecommunications and media companies and entities developing new technology and intellectual property.

In early May, Carlyle announced that the fund had invested in Spain's Telvent Global Services, which provides IT infrastructure management services. Crescent Capital Group provided debt financing assistance for the transaction. A year earlier, CETP III acquired a majority stake Expereo, a Dutch internet network and cloud services provider.

As previously reported by PEI, Carlyle sold its majority stake in London-based special effects software company The Foundry Visionmongers in May. The sale brings the number of exits from CETP II to four. HgCapital bought the stake for £200 million, according to reports.

Carlyle is also considering the sale of its 85 percent stake in Spanish telecom operator Telecable, according to reports.