Return to search

Rubenstein: Carlyle ‘preparing’ for infra fund first close

This would be Carlyle’s third energy and infrastructure related fund to close in the past year, following $1.5bn and $2.8bn final closes in 2016.

The Carlyle Group chief executive David Rubenstein said in a fourth-quarter earnings call the private equity firm is nearing a first close for its global infrastructure fund.

While giving an overview of Carlyle’s real assets business, Rubenstein said the firm is “preparing for a first close” for its Global Infrastructure Opportunity Fund, a longer-hold, non-core vehicle with a $2.5 billion target.

Over the past year, Carlyle, headquartered in Washington, DC, has been raising capital across several funds to deploy into the energy and infrastructure sectors.

The firm closed its Carlyle Power Partners II last April on its $1.5 billion target. The fund has been investing in power generation assets since it launched in 2014. In November, Carlyle closed its second energy investment mezzanine vehicle at $2.8 billion, doubling the commitments from its previous vehicle.

In the earnings call, Rubenstein referred to Carlyle’s natural resource business as the best among any alternative investment firm in the world. He said the company has $15 billion in natural resource-focused assets under management.

Along with the capital raises, Carlyle has bolstered the team that will help deploy these funds. Peter Taylor was promoted to join Andrew Marino as co-head of its global infrastructure business last month. He previously worked as executive director and global head of investment at Hastings Funds Management’s infrastructure division.

Carlyle manages $169 billion of assets across 125 funds and 177 fund of funds as of 30 September.