Carlyle CEE spin-out exceeds €100m mark

Kimberly Romaine
10 May 2010

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Carlyle spin-out Resource Partners has raised more than €100m towards its debut fund after teaming up with AXA Private Equity, which is contributing €50m. Resource, Central & Eastern Europe’s only first-time fund to raise money in 2009, overcame market negativity to reach a €51m first close last year.

AXA PE opened an office in Vienna in 2008 to take advantage of investment opportunities in CEE. With $25bn under management, it is the third limited partner in Resource's vehicle.

The EBRD provided ‘warm' support in December 2008, followed shortly thereafter by Rabobank. Both the institutions became cornerstones, with each committing €25m to Resource's maiden vehicle. The partners contributed €1.02m.

The money was raised without any placement agent support, after the team was given negative feedback from the advisers.

Resource was spawned when, in November 2008, Carlyle cut all new initiatives in emerging markets. The team immediately decided to keep the majority of the group together and approached investors who were permitted to invest in first-time funds and could commit at least 15% of the target fund size. This left the team with approximately ten targets.

The team now consists of four founders, as well as two new members.