Carlyle blames market volatility as fundraising slows to $6bn
Carlyle Group has suffered a sharp slowdown in fundraising and a decline in assets under management as the private equity group searches for a new chief executive after the abrupt departure of Kewsong Lee in August.
The $6bn in new investor commitments received in the quarter was less than the $10bn it raised in the second quarter, New York and Washington-based Carlyle said on Tuesday.
The figure was far below the amounts gathered by US private equity rivals. Even though their fundraisings also slowed in the quarter, Blackstone raised $45bn, Apollo Global Management raised $34bn and KKR raised $13bn.
“We are operating well, and our experienced and highly capable investment teams have navigated all types of markets and economic cycles,” said Conway, who was made interim chief executive in August.
This story originally appeared on: Financial Times - Author:Antoine Gara
