Private equity specialist Carlyle Group has raised USD1.35bn for Carlyle Strategic Partners II, its second distressed debt and corporate opportunities fund, following the closing of its fi
Private equity specialist Carlyle Group has raised USD1.35bn for Carlyle Strategic Partners II, its second distressed debt and corporate opportunities fund, following the closing of its first such fund last year with USD652m in capital commitments.
The Carlyle Strategic Partners investment team invests in the debt and equity of operationally sound but financially distressed companies throughout their capital structure, including bank loans, public debt securities and public and private equity.
‘We are grateful for the strong support of our investors, who recognise that the turbulent economic and capital markets environment and excessive leverage on corporate balance sheets creates great opportunities for distressed investing around the globe,’ says Brett Wyard, a managing director and co-head of Carlyle Strategic Partners.
Carlyle says the funds seek to obtain influence or control whenever possible and appropriate in its portfolio investments to drive returns and value through its involvement in restructuring processes and at the management and board levels.
‘With the support of the Carlyle organisation, Carlyle Strategic Partners is now poised to source an increasing number of proprietary deals across virtually all industries as well as to achieve unique industry insights on mainstream distressed situations,’ says managing director and fellow co-head Ray Whiteman.
The Carlyle Group is a global private equity firm with USD81.1bn under management committed to 60 funds. The group invests in buyouts, venture and growth capital, real estate and leveraged finance worldwide, focusing on aerospace and defence, automotive and transportation, consumer and retail, energy and power, financial services, healthcare, industrial, infrastructure, technology and business services, and telecommunications and media.
Since 1987, the firm has invested USD43bn of equity in 774 transactions for an aggregate purchase price of USD229.3bn. The Carlyle Group employs more than 1,000 people in 21 countries, while its portfolio companies have more than USD87bn in revenues and employ more than 286,000 people worldwide.
Last month an Amsterdam-listed mortgage-backed securities fund launched by the group, Carlyle Capital Corporation, collapsed after it failed to meet margin calls and its more than USD21bn in assets were seized by lenders, despite efforts by the Carlyle Group to negotiate a deal with the fund’s creditors.
