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Monday, November 25, 2013

Carlyle raises $13 billion for U.S. private equity fund, (NASDAQ: CG)

Carlyle Group LP said on Monday it has finished raising money for its latest U.S. private equity fund, surpassing its initial $10 billion fundraising target by $3 billion. The Washington, D.C.-based company, founded in 1987 by David Rubenstein, William Conway and Daniel D'Aniello, said the $13 billion Carlyle Partners VI fund attracted 269 investors from 43 countries. Carlyle and its staff invested $1 billion in the fund alongside $12 billion from outside investors.Carlyle, which has diversified into other assets classes including corporate credit, real estate and hedge funds, had $185 billion in assets under management at the end of September, with $62.2 billion in private equity.Nevertheless, private equity accounts for more than one-half of its profits. Out of the $627 million in Carlyle's 12-month distributable earnings to the end of September, $325 million came from private equity.Its previous U.S. takeover fund, Carlyle Partners V, was valued at 1.6 times its investors' money at the end of September. It raised $13.7 billion from investors at the onset of the latest financial crisis in 2008.

Shares of CG traded higher by 0.07% or $0.024/share to $32.50. In the past year, the shares have traded as low as $23.85 and as high as $37.89. On average, 463571 shares of CG exchange hands on a given day and today's volume is recorded at 76943.