Carlyle gears up for next Europe Technology Partners fund

Greg Gille
29 October 2021

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Carlyle has filed registration documents for Carlyle Europe Technology Partners V, the next fund in its strategy focusing on European lower-mid-market companies in the telecommunications, media and technology sectors.

Carlyle filed registration documents in late October for several Carlyle Europe Technology Partners V vehicles with Luxembourg's Registre de Commerce et des Sociétés, including feeder and co-investment funds. The limited partnership agreement for the main fund is dated 12 October 2021.

The previous fund in the strategy, Carlyle Europe Technology Partners IV, closed on its hard-cap of EUR 1.35bn less than three years ago following a Q4 2018 launch and a quick fundraise.

According to Carlyle's recently released Q3 2021 results, the vehicle is now 80% deployed, having invested more than EUR 1bn in capital since late 2018. It has not returned any capital to date, with Carlyle reporting a multiple of invested capital of 1.4x and net IRR of 40% as of 30 September 2021.

Among Carlyle's recent notable investments are Inova, a French software provider for the biopharmaceuticals industry; and UK-based management software business 1E.

Carlyle Europe Technology Partners III held a final close on EUR 656m in May 2015 while the first and second funds closed on EUR 222m in 2006 and EUR 530m in 2008, respectively, according to Unquote Data.

The strategy targets European lower-mid-market companies focusing on the telecommunications, media and technology sectors. Sovereign wealth funds, public and private pension funds, insurance companies, funds-of-funds, foundations, family offices and high-net-worth individuals all featured in the LP base of Carlyle Europe Technology Partners IV.

Carlyle's total assets under management rose to a record USD 293bn as of 30 September, an increase of 6% from the prior quarter and 19% year-on-year, the firm noted in its latest results. The quarterly increase was largely attributable to strong fundraising activity, as well as appreciation across the carry fund portfolio, it said. Dry powder stood at USD 89bn at the end of Q2, up from USD 77bn in the previous quarter, with the increase largely owing to new capital raised for its eighth US buyout fund.

Unquote has contacted Carlyle for comment.