Mega-firms close in on $30bn

Carlyle has raised $14bn on its way to $15bn for Carlyle Partners V, while Apollo was reportedly set to close Fund VII on $15bn last week.

The Carlyle Group, one of several mega-firms to announce staff cuts this week, has collected $14 billion in commitments for its fifth US buyout fund.

The firm began fundraising last year and anticipates a final close on $15 billion in coming months, a source familiar with the situation said.

Carlyle declined to comment. The firm is ranked number one in PEI Media's PEI 50, having raised $52 billion in the last five years. Apollo is ranked number six on the PEI 50, having raised $13.9 billion in the last five years.

To date, Carlyle Partners V has made four investments. It paid $2.5 billion for management consultant Booz Allen Hamilton in July. In August, it bought HD Supply, a construction supply wholesaler, along with Bain Capital and Clayton, Dubilier & Rice for $10.3 billion. It acquired nursing home operator ManorCare for $6.3 billion in December 2007. It also purchased aerospace and industrial company Sequa last December in a deal valued at $2.7 billion.

Meanwhile, fellow mega-firm Apollo Global Management was set to close its seventh buyout fund on $15 billion last week, according to a Wall Street Journal report.

Apollo did not immediately return a request for comment.

Apollo VII will focus on classic, distressed and corporate partner buyouts of mid and large-cap companies, according to pension meeting minutes from the Los Angeles Fire and Police Pensions Commissioners.