Carlyle Closes Fourth Distressed Fund At $2.5B Hard Cap

Feb 23 2017 | 9:48pm ET

Global alternative asset manager Carlyle Group has raised approximately $2.5 billion in capital commitments for its fourth distressed and special situations fund, hitting the hard cap.

The new fund, named Carlyle Strategic Partners IV, is more than three times the size of Carlyle’s previous distressed fund, according to a statement. Like its predecessors, Strategic Partners IV will invest in the debt and equity of companies in the U.S., Europe and Asia experiencing financial, operational or cyclical distress. In addition, it has free reign to invest across the capital structure – including loans, public debt, public and private equity.

“The current global economic and market environment is laying the groundwork for solid distressed control and turnaround investment opportunities,” said Ian Jackson, managing director at Carlyle and co-head of Carlyle Strategic Partners, in the statement. “We believe our experience and approach positions us well to capitalize on the best of these opportunities during the cycle.”

Since 2004, the CSP group has raised approximately $4.8 billion. The unit resides within Carlyle’s global credit platform, which in turn is part of the company’s $29 billion Global Market Strategies segment. Carlyle as a whole managed $158 billion across 281 investment vehicles as of December 31, 2016.

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