(Adds background in final paragraph)
By Megan Davies
NEW YORK Nov 25 Private equity firm The
Carlyle Group [CYL.UL] has raised nearly $14 billion towards a
fund that is targeted at $15 billion, a source familiar with
the situation said on Tuesday.
Washington, D.C.-based Carlyle launched the U.S. buyout
fund in the spring of 2007. The fund has not yet closed, the
source said. Funds typically have several "closes" before a
"final close" where it is no longer open to new investors.
The fund has been raised in an exceptionally difficult
environment, as the global financial crisis and credit crunch
made it extremely hard for investors to deploy cash.
Private equity fund-raising is at its slowest for more than
three years, figures from London-based research firm Private
Equity Intelligence in October showed. A total of 117 funds
raised $82.3 billion from investors in the third quarter of
2008, the lowest dollar amount raised since the first quarter
Carlyle declined comment.
Carlyle on Monday confirmed it is shutting its operation in
central and eastern Europe and its leveraged finance team in
Asia as the global economic crisis bites.
(Reporting by Megan Davies; Editing by Bernard Orr)