Tuesday, 1 September 2015
Last updated 9 hours ago
Jan 8 2013 | 11:07am ET
The Carlyle Group has sold the last of its stake in China's third-largest insurer, earning itself a handsome profit in excess of US$4 billion.
The private equity giant bought up a 17% stake in China Pacific Insurance between 2005 and 2007 for US$740 million. It began selling its holdings two years ago, and dumped its last shares in the company today. Today's proceeds totaled US$796 million, more than Carlyle paid for its entire investment in CPIC.
All told, Carlyle took in US$5.1 billion from the CPIC sales, earning it a US$4.3 billion profit, the biggest-ever single haul in the firm's history.
CPIC went public in 2009; Carlyle last sold a chunk of shares in July. Carlyle had owned 8.81% of the company until today.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…