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May 10, 2007
Carlyle Group Plans to List First Publicly Traded Fund
My colleague Emily Thornton passed this scoop to Deal Flow:
Private equity powerhouse the Carlyle Group plans to file to list its first publicly traded fund by the end of June, people familiar with the transaction have told BusinessWeek.com.
Recently, private equity firms already flush with billions of dollars in cash have been rushing to raise even more money on public markets. In March, the Blackstone Group submitted filings with the Securities & Exchange Commission to take its management company public. And in February, Fortress Investment Group began publicly trading on the New York Stock Exchange.
While Carlyle will not be taking its entire business public, it does plan to list a leveraged finance fund made up primarily of mortgage-backed securities on the Euronext stock exchange. Former Bank of America vice chairman James H. Hance Jr., who joined Carlyle in 2005, will be the non-executive chairman of the fund. John C. Stomber, who joined Carlyle in 2006 from Cerberus Capital Management where he was a managing director focused on structured finance transactions, will be CEO.
People close to the transaction believe Carlyle could raise as much as $1 billion for the fund through the public listing. Carlyle presently has $56 billion in assets under management.
Carlyle declined to comment on whether or not it will be listing a fund citing Securities and Exchange Commission restrictions.
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