Carlyle closes second financial services fund on $1bn

The close comes off the back of its successful predecessor, which has already exited several investments, returning more than two thirds of invested capital and achieving a 1.6x gross multiple.

Carlyle Global Financial Services Partners I closed on $1.1bn in 2010. Investments include Duff & Phelps, Boston Private and Edgewood Partners Insurance Center.

According to Bloomberg, the fund, which was launched in 2011, initially targeted $2bn. However, following the European Central Bank's intervention to prevent sovereign defaults, the fund target was lowered.

Investments
The vehicle will target investments in sectors including asset and wealth management, insurance, speciality finance, financial technology, depositaries, capital markets and business services.

Investors
The fund received support from investors in its previous fund.

People
Oliver Sarkozy is managing director of Carlyle and head of the global financial services group.

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• Topics
• Buyout
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• Carlyle Group