Carlyle Group is back in the hedge fund and fund-of-funds business, confirmed Christopher Ullman, vice president of corporate communications. The company opened a hedge fund, managed by its high-yield debt team, to external investors, and it will launch a hedge fund of funds and possibly other hedge fund strategies later this year.
Carlyle still has not found a person to lead its hedge fund business, after a year of looking. Higdon Barrett is conducting the ongoing search for strong "talent to head the effort," Mr. Ullman said.
Carlyle Group sold its hedge funds-of-funds business, Carlyle Asset Management Group, in summer 2003 to the unit's principals, led by Afsaneh Mashayekhi Beschloss. The business is now called Rock Creek Management.
In the year ended Dec. 31, Carlyle Group returned $5.3 billion to investors, managed $2.7 billion in buyouts, venture, real estate and leveraged finance, and raised $7.8 billion for investment, according to a company statement.