The Carlyle Group : Carlyle Blue Wave Hedge Funds Commences Orderly Liquidation

July 31, 2008
#2008-079
Carlyle Blue Wave Hedge Funds Commences Orderly Liquidation

New York, NY – Carlyle-Blue Wave Partners Management, LP (CBW) today announced that it has voluntarily decided to end its multi-strategy investment program and to begin liquidating positions in an orderly manner in anticipation of an eventual closing of the Carlyle Multi-Strategy Partners (CMSP) funds.

Though the funds’ equity-focused share class is up more than two percent in 2008, thereby beating the S&P 500 by nearly 14 percentage points, the funds launched in a challenging market and have not been able to achieve the critical mass of assets under management necessary to support a multi-strategy fund infrastructure.

Investors have been informed that the funds have begun to liquidate their portfolio in an orderly manner.

The Carlyle Group is a minority partner in CBW.

# # #