Carlyle Garners US$1 Billion For South America Fund, Brazil Pool

Jun 15 2011 | 11:38am ET

The Carlyle Group has closed a South America private equity fund, part of a US$1 billion foray into the continent.

The new fund will focus on Brazil and closed with US$776 million; Carlyle also announced that it has raised a further 360 million Brazilian reals for a dedicated pool alongside Banco de Brasil.

"Broad economic trends, including the rising middle class, make South America in general and Brazil in particular a desirable investment destination," Fernando Borges, head of Carlyle's South American effort, said.

"South America is a vital part of our broader emerging-markets strategy," David Rubenstein, Carlyle's co-founder, added.

That strategy includes Carlyle's purchase this week of a majority stake in emerging-markets hedge fund Emerging Sovereign Group and a planned US$500 million fund targeting sub-Saharan Africa.

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