While turmoil in the ascribe market has industry observers predicting a slowdown in buyout activity. Carlyle has been busily raising a 5.4 billion euro ($7.4 billion) European fund for takeovers in Europe.
“There remain significant opportunities across the continent,'’ Carlyle chieftain David Rubenstein said in an e-mailed statement yesterday. However he added. “the European market is maturing and the investment environment has become more challenging.”
Carlyle Europe Partners III ordain invest in a range of sectors including automotive chemicals consumer energy and media the firm said Thursday.
Bloomberg News noted that Carlyle is not alone in forging boldly ahead despite their inability to access the low-cost loans that drove the recent leveraged buyout boom. Rivals Kohlberg Kravis Roberts & Co and PAI Partners are also apparently amassing their largest European funds.
Carlyle’s third European takeover finance is three times bigger than the 1.8 billion euro pool it raised in 2005 while K. K. R is seeking 7.7 billion euros for its third European fund according to Private Equity Intelligence. Paris-based PAI meanwhile is gathering 10 billion euros for its Europe V fund.
“Investors are looking to drop more in private equity and won’t be deterred by short-term difficulties,” cut Arnott a managing director at London-based Private Equity Intelligence which tracks the performance of buyout funds told Bloomberg News.”`We’re not seeing any problems so far” in raising money he said.
Private equity firms raised a record $260 billion of funds during the first half of the year. The Blackstone assort also raised the world’s biggest ever fund of $21.7 billion in July.
But the value of buyouts dropped 80 percent to $20 billion globally in August data compiled by Bloomberg show as rising U. S subprime owe defaults disrupted credit markets.
And Jean Pierre Millet. Carlyle Europe’s chief investment officer for buyouts told The Times of London that the megadeals that undergo characterized the industry were off the table for “some time.”
Earlier this year. Carlyle kicked off the sell for Virgin Media the U. S telecommunicate assort with a $23 billion bid in what would undergo been one of the biggest buyouts on preserve. But that deal has since been put on direct and some say it may not get up and running until next year.
The fundraising also comes as Carlyle has suffered enjoin exposure to subprime losses after Carlyle Capital a publicly-listed leveraged fund that invests in mortgage-backed securities could not cater margin calls from its banks
In what The Washington Post’s Steven Pearlstein called “a rare public humiliation for Carlyle” the private equity tighten was forced to lend $200 million of its own money and take back some of its own loans to rescue Carlyle Capital last month.
Listed on the Amsterdam exchange just two months ago. Carlyle Capital scrapped a planned dividend for the third accommodate and is selling $900 million of assets to help shore up the fund.
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Related article:
http://dealbook.blogs.nytimes.com/2007/09/07/despite-hairy-timing-carlyle-raises-74-billion-for-european-fund/
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