Carlyle to raise $3.5b for fourth Asia buyout fund

The buyout firm has already made initial approaches to investors, one person familiar with the matter told Bloomberg. The new vehicle, Carlyle Asia Partners IV, is set to be 37% larger than its predecessor.

Carlyle Asia Partners III, which manages $2.55 billion, was closed in April 2010. It received $300 million from California Public Employee' Retirement System and another $20 million from CDIB Capital.

Carlyle expects to raise money for 11 funds this year, co-CEO David Rubenstein said on a call with investors yesterday.

The company raised $671 million in its initial public offering, falling significantly short of its already conservative target of $762.5 million. The private equity firm priced the 30.5 million shares - or 10% of its enlarged share capital - at $22 apiece, having originally set an indicate price range of $23-25.

Its earnings also dropped 26% in the first quarter as the private equity firm reaped lower profits from its investments. The decline was largely due to a reduction in distributable earnings, which include realized investment gains and accounts for cash available to pay dividends. As of the first quarter, distributable earnings were down 37% to $179 million, reflecting a decrease in asset sales.

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• Topics
• Fundraising
• Buyout
• The Carlyle Group
• buyout