Global alternative asset manager The Carlyle Group announced the final close of Carlyle Partners VII, an $18.5 billion fund that makes majority and strategic minority investments primarily in the U.S. across five industries: Aerospace, Defense & Government Services; Consumer & Retail; Healthcare; Industrial & Transportation; and Technology, Media & Telecom. More than 320 investors from 57 countries committed capital to the fund, which exceeded its $15 billion target and hit its hard cap.
Peter J. Clare, Co-CIO and Co-head of U.S. Buyout, and Sandra J. Horbach, Co-head of U.S. Buyout, said, “This fundraise, the largest in Carlyle history, is a testament to the creativity, hard work and performance of the U.S. Buyout team. We are grateful for the confidence and support of our fund investors, many of whom are repeat investors.”
Kewsong Lee, Carlyle’s Co-Chief Executive Officer, said, “For 29 years, the U.S. Buyout team has demonstrated its ability to create value for our investors. Sandra and Pete’s track record is exceptional. Their superb leadership coupled with the team’s deep domain expertise enables us to create the edge needed to maximize returns in today’s highly competitive markets.”
Carlyle’s previous U.S. Buyout fund – $13 billion Carlyle Partners VI – began investing in 2014. Select investments in that fund include Signode Industrial Group, formerly part of Illinois Tool Works; Ortho-Clinical Diagnostics, formerly part of Johnson & Johnson; Dealogic; Vogue International; Atotech, formerly part of Total; and Novetta Solutions.
Demonstrating alignment with fund investors and confidence in the team, Carlyle, its senior professionals, operating executives and other professionals committed $1 billion in capital to the fund.
The 74-person U.S. Buyout team is part of Carlyle’s Corporate Private Equity segment. Corporate Private Equity, with assets under management of $81 billion and 297 investment professionals, operates 14 fund families worldwide with more than 170 portfolio companies as of June 30, 2018.