The Carlyle Group has raised at least $2.86 billion for its sixth Partners fund, according to documents filed Monday with the US Securities and Exchange Commission.
Carlyle is said to be targeting around $10 billion for the fund. Known limited partners include the Delaware Public Employees’ Retirement System, which committed $200 million, and the Texas County and District Retirement System, which committed $75 million.
Carlyle’s executives have reportedly committed around $700 million to Fund VI, according to Bloomberg Businessweek. The size of that commitment exceeds the amount usually invested by GPs, which is generally between 2 percent and 3 percent of a vehicle’s investment capital.
The firm did not respond to a request for comment.
Carlyle’s previous Partners fund raised $13.72 billion in 2007 and was generating an 8.1 percent net internal rate of return and 1.2x investment multiple as of 31 December, according to California Public Employees’ Retirement System documents.
Equity capital from Fund V was used last week in the firm’s acquisition of Landmark Aviation from GTCR and Platform Partners, according to a statement. Terms of that deal were not disclosed.
Landmark provides aircraft maintenance, management and charter services through its locations in the US, Canada and France.
In addition to Carlyle Partners VI, Carlyle is also marketing Carlyle Asia Partners IV, which is targeting $3.5 billion; the Carlyle Global Financial Services Partners Fund II, which has a $1.1 billion target; a global distressed/turnaround vehicle targeting $1.5 billion and a US growth capital fund targeting $1 billion.
The firm collected $3.9 billion for its funds during the second quarter, according to an earnings call.