Carlyle Group, the buyout firm based in Washington, said Thursday that it had raised 5.4 billion for takeovers in Europe, exceeding its target even as the pace of buyouts slowed, Bloomberg reports.
Carlyle had planned to raise 5 billion, or $6.8 billion. Rivals like Kohlberg Kravis Roberts and PAI Partners are amassing their largest European funds ever as the low-cost loans that are used to pay for deals dry up.
“Investors are looking to invest more in private equity and won’t be deterred by short-term difficulties,” says Nick Arnott, a managing director at Private Equity Intelligence, which tracks the performance of buyout funds. “We’re not seeing any problems so far” in raising money, he said.
The fund, Carlyle’s third dedicated to takeovers in Europe, is three times bigger than the 1.8 billion pool the firm raised in 2005. KKR, based in New York, is seeking 7.7 billion for its third European fund, Private Equity Intelligence said last month. PAI, in Paris, is gathering 10 billion for its Europe V fund.