Carlyle merges India growth, buyout teams

AVCJ understands that Carlyle will continue to maintain separate growth and buyout funds for Asia, while the firm’s senior India team members have remained in place and will manage both funds going forward, focusing on growth and buyout opportunities equally. The integration took effect earlier this year.

By merging the two teams, Carlyle hopes to improve its deal origination process and better leverage its industry expertise. The firm has invested more than $1.5 billion in India as of June across over 30 transactions, and sees the country as a strong growth market that can benefit from Carlyle’s network of portfolio countries in the region, dubbed “OneCarlyle.”

Currently Carlyle is raising its fifth Asia buyout fund, Carlyle Asia Partners V, which launched earlier this year with a target of $5 billion. The firm expects to reach a first close in October. India deals from the previous buyout fund include a $100 million investment in e-commerce logistics service Delhivery alongside Tiger Global Management and the purchase, with the State Bank of India, of credit card franchise SBI Card from GE Capital.

In addition, Carlyle Asia Growth Partners V, the firm’s latest Asia growth fund, is targeting $1 billion and had received commitments totaling $264 million as of March, including up to $25 million from the International Finance Corporation (IFC). Compared to the buyout fund, Carlyle’s India investments from the growth fund have been relatively limited: the most recent deal recorded by AVCJ Research is a commitment of undisclosed size in pipe manufacturing firm Dee Piping Systems.

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• Topics
• South Asia
• GPs
• Restructuring
• Growth
• Buyout
• India
• The Carlyle Group