David M. Rubenstein, '73: "New fund will be largest dedicated to North America deals"

Carlyle Flagship Buyout Fund to Be Biggest for North America

Carlyle Group LP is approaching the $18.5 billion cap for a flagship buyout pool that will be the largest targeting deals in North America, people with knowledge of the situation said.

The firm is expected to close Carlyle Partners VII as early as the first quarter of 2018, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The total, exceeding the initial $15 billion target for the fund, will include about $1 billion from Carlyle and its executives, known as the GP commitment, the people said.

A representative for Washington-based Carlyle declined to comment.

The new fund will be the first to be invested under Kewsong Lee and Glenn Youngkin, the new co-chief executive offers set to formally succeed co-founders David Rubenstein and William Conway in 2018. The moves cap a series of changes at the firm that included naming Sandra Horbach as co-head of U.S. buyouts last year alongside Pete Clare.

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