Private equity group Carlyle has confirmed its commitment to Europe following the departure of Jean-Bernard Tellio, a managing director of the group’s internet fund.
The Financial Times reports that Tellio, who joined the group in 1999, was aggravated at finding his US connections underused.
The newspaper quotes Jacques Garaialde, senior managing director of Carlyle Internet Partners Europe, saying: “It’s rough waters for everybody. Establishing the valuations of companies is tougher than ever. But Carlyle’s commitment to Europe has never been stronger.”
Carlyle's team of nine could double in the next six months to reflect new investment priorities in wireless, telecoms and software, according to Garaialde.
Carlyle Internet Partners Europe, the group’s pan-European venture fund, has more than E730m of capital under management. It focuses on communications technology and services, wireless-based services, information technology and internet businesses in the development stages from start-up to IPO.