Carlyle Group has agreed to buy remaining 40% stake in Dutch investment manager AlpInvest Partners, in which it took a 60% stake in 2011.
New York-listed Carlyle will issue 2.8 million new common units – or shares – and pay EUR4m in cash to fund the transaction, the group said in a regulatory filing. This values the 40% stake in AlpInvest at about $87.7 million – and $219 million for all the shares.
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Carlyle is taking full control of AlpInvest as part of its broader effort to diversify beyond leveraged buyouts, which produce volatile earnings.
AlpInvest, which manages about EUR33 billion of stakes in private equity funds, is a big investor in several of the funds managed by Carlyle as well as many of those managed by its main private equity competitors.
AlpInvest is part of Carlyle’s Solutions business, run by Jacques Chappuis, who joined last month.
AlpInvest has about 150 employees, who will continue to make investment decisions independently of Carlyle, according to the filing. The deal is expected to close next month.
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By GlobalDataCarlyle now manages more than $176 billion of assets across 114 funds and 76 fund of funds vehicles.
