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Private Equity

Carlyle closes largest fund in its history at $18.5 billion

Carlyle Group closed the largest private equity fund in its history, Carlyle Partners VII, at its $18.5 billion hard cap, according to a Carlyle spokeswoman.

The new fund exceeded its $15 billion target and is 42% larger than Carlyle's prior fund, the $13 billion Carlyle Partners VI, which closed in 2013. Carlyle's senior professionals, operating executives and other executives committed a combined $1 billion to each fund.

Carlyle Partners VII makes majority and minority investments in companies in the consumer and retail; health care; industrial and transportation; and technology, media and telecom sectors.

Investors in the latest fund include the $204.9 billion Florida State Board of Administration, Tallahassee; Washington State Investment Board, Olympia, which oversees $129.1 billion including a $100.4 billion defined benefit plan; and $29.4 billion Texas County & District Retirement System, Austin.