Carlyle Said to Raise More Than $3 Billion for Long-Term Fund

Carlyle Group LP has raised more than $3 billion for a new private equity vehicle that will invest in companies for up to twice as long as a conventional fund, people familiar with the matter said.

Washington-based Carlyle, the world’s second-largest private equity manager, has recruited a 14-member investment team for the fund, according to Tyler Zachem, who joined the firm last fall to co-head the group with Carlyle veteran Eliot Merrill. Carlyle Global Partners LP, as the fund is known, has already invested nearly $500 million in two companies, Zachem said.