Carlyle Group agreed to buy the remaining 40% of AlpInvest Partners, a Dutch investment manager in which it took a 60% stake in 2011.
Carlyle will pay for the deal using 2.8 million shares and €4 million ($5.2 million) in cash, the Washington-based private equity firm said in a regulatory filing Monday. That would translate into about $88 million based on Carlyle's closing share price of $29.16 on May 31. Carlyle bought the initial stake in AlpInvest, which invests money in private equity vehicles through funds of funds, for an undisclosed price.
Carlyle is taking full control of AlpInvest as part of its broader effort to diversify beyond leveraged buyouts, which produce volatile earnings. AlpInvest, which oversees €37 billion invested in private equity funds and other deals, is part of Carlyle's solutions business, run by Jacques Chappuis, who joined last month.
AlpInvest has about 150 employees, who will continue to make investment decisions independently of Carlyle, according to the filing. The deal is expected to close next month.