The Carlyle Group has closed its fourth US real estate fund on $950 million (€780 million). The fund focuses on opportunistic investments in the office, hotel, industrial, retail, residential and senior living sectors.
The firm’s last fund, Carlyle Realty Partners III, closed in 2002 on $570 million. Investments from that fund averaged $13 million each, with around 58 percent to 60 percent leverage.
Carlyle focuses on major US markets like New York City, Southern California and Washington, DC, where the firm has invested $1.3 billion since December of 2003.
The firm closed its debut fund in 1998 on $471 million, with a follow-up vehicle closing on 1999 on $252 million.
As of March, the firm had made 98 investments, exiting 57. Over its first three funds, the average investment size was $17 million. The firm’s US real estate investments have a transaction value of more than $8 billion.
Robert Stuckey is the Washington-based head of Carlyle’s real estate operation in the US, which also has offices in Denver and Newport Beach, California.