Carlyle Group LP co-founders Bill Conway and Dan D’Aniello will each sell about 2 percent of their stakes in the investment firm, according to a person with knowledge of the matter.
The two billionaires will reap about $31 million each from the sale of partnership units based on yesterday’s share price. They and other sellers will use cash from the sale to help fund commitments they’ve made to investment pools Carlyle manages, said the person, who asked not to be named because the information is private.
Carlyle, the world’s second biggest private equity manager, is selling 7 million shares to the public. The firm said in a statement Tuesday that the offering will close June 5. It will use the money to buy back partnership units held by certain directors and executive officers. Based on Monday’s closing price, the offering will raise about $217 million. Carlyle didn’t identify the sellers.
The firm’s carried-interest generating funds rose 15 percent on average in the 12 months through March 31, compared with a 17 percent decline, including reinvested dividends, for Carlyle’s stock. The shares fell 4.2 percent to $29.68 at 12:34 p.m. in New York, curbing gains since the end of March to 11 percent.
Liz Gill, a Carlyle spokeswoman, declined to comment.