Wednesday 21 February 2018

Carlyle raises €3.75bn for latest buyout fund

The Carlyle Group
The Carlyle Group

Ainslie Chandler

Private equity giant Carlyle Group has raised €3.75bn for its fourth European buyout fund after almost three years of fundraising amid turbulent economic conditions.

The firm is active in Ireland through its NTMA-backed €300m Carlyle Cardinal Ireland (CCI) tie-up.

That fund has become an active buyer of medium size businesses here, including Carrolls Cuisine, Lily O'Brien's, Payzone and cash in transit business GSLS.

Completion of its wider European buyout fund "confirms renewed appetite for investing in Europe despite several years of macro-economic uncertainty", Marco De Benedetti, managing director and co-head of Carlyle Europe Partners, said in a statement yesterday.

"We continue to believe Europe offers significant, compelling investment opportunities."

Private equity firms collected €124bn from 2012 to 2014 for European deals, a 50pc jump from the previous three years, according to the European Private Equity and Venture Capital Association.

Carlyle's co-founder, David Rubenstein, said this month that the region offers cheaper prices than North America.

Carlyle's previous European buyout fundraising in 2007 secured €5.4bn, which has produced an annualised return of 15pc after fees and was valued at 2.1 times cost as of March 31, according to the firm.

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