Carlyle and Coutts Offer Private Investors Exclusive Fund of Funds
London -- The Carlyle Group has teamed with the Coutts Group to offer private investors at Coutts a new category of private equity fund. The new fund, Coutts Private Equity Limited Partnership, will spread risk across seven new and existing Carlyle funds. Carlyle buyout and venture funds focused on the United States, Europe, Asia and Japan will be included in this unique fund of funds.
Coutts has raised US $114 m from its existing client base for the fund, which closed on 6th April 2002. Private investors were invited to commit a minimum of US $250,000 each to the fund. The fund is expected to have a twelve-year life with investors committed for the full term. The underlying investments will typically be held for around five years, with capital distributions taking place as investments are realised throughout the life of the fund.
“Coutts has a first class reputation and a prestigious client base. We believe this complements Carlyle’s strength and offers private investors a unique fund,” said Glenn Youngkin, a managing director of The Carlyle Group. “We are happy to have the Coutts fund of funds partnership as an investor in Carlyle’s funds.”
“No other private equity firm could offer us the same breadth of funds from which to choose,” said, Robert Dawkins, head of alternative investments at Coutts. “Equally, Carlyle’s impressive track record convinced us it would make the best partner for investments in the private equity market. The launch of this fund also reinforces our position as a significant player in the alternative investment market.”
This fund is indicative of the growing interest in private equity amongst institutions but also amongst private investors. Commenting on the outlook for the private equity market, Mr. Youngkin said, “While public markets struggle a growing number of companies seek private equity to finance their further growth and development. We see a great opportunity ahead of us to work with quality companies and enhance their value over the long term. This is a great time to invest.”