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May 23, 2011 01:00 AM

Carlyle invests $7 billion in private equity deals in 2010

Bloomberg
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    Carlyle Group invested $7 billion last year, a third more than in 2009, as buyouts surged, according to the private equity firm's annual report to clients issued Monday.

    Carlyle committed $3 billion to deals that closed in the first quarter of this year. In 2009, Carlyle invested $5.2 billion.

    Carlyle is adding or expanding non-buyout businesses to diversify profits ahead of a potential IPO.

    “The past year has been a period of exciting change and growth at Carlyle with new people, new geographies and new businesses,” co-founder David Rubenstein said in a statement.

    The firm is considering an IPO, co-founder William Conway said in December. Blackstone Group, KKR and Apollo Global Management have gone public. Blackstone, the world's largest private equity company, has gained 57% during the past 12 months.

    Carlyle agreed in January to buy AlpInvest Partners, a Dutch money manager that oversees about €32 billion ($45 billion) in private equity funds, to expand its asset management operations.

    The firm also boosted its structured credit offerings, established an energy mezzanine team and purchased a majority stake in Claren Road Asset Management, a hedge fund with $5 billion in assets under management.

    Carlyle raised $4.2 billion in commitments from investors last year, according to the report. The money was spread across six funds and co-investment deals with limited partners. Many of those funds lost value during 2008 and 2009, preventing them from making new commitments to private equity.

    The firm returned a record $6.4 billion in deal profits to clients in the first quarter after distributing $7.5 billion last year. Carlyle said it completed a total of 13 IPOs in 2010 and the first quarter of this year, using those offerings to pare debt or distribute profits to investors.

    Carlyle had $106.7 billion in assets under management as of Dec. 31, up 20.4% from the year before.

    Arleen Jacobius contributed to this story.

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