CIC forges new relationship with Carlyle with $350 mln commitment

China’s huge sovereign wealth fund has teamed up with Carlyle

CIC has committed $350 million to Carlyle’s sixth flagship fund

Fund V1 is targeting more than $12 billion


The institution committed $350 million to Carlyle’s sixth flagship fund, which is aiming for more than $12 billion.

CIC did not return a call for comment and Carlyle declined to comment.

CIC moved into private equity in the middle of the 2000s, making huge commitments to mega-funds such as Apax Partners and The Blackstone Group, and even buying ownership stakes in some GP management companies.

However, following the global financial crisis of 2007-2009, the institution backed away from mega-funds for a period of time, though it is now selectively picking large managers with which to park its capital, sources told peHUB in earlier interviews.

Carlyle’s Fund VI has been progressing through fundraising at a rapid pace. The fund also got a big vote of confidence from the California Public Employees’ Retirement System, which committed $547 million earlier this year.

Fund VI has already beat its $10 billion target, and has reportedly raised the hard cap on the fund to $12.5 billion from $12.0 billion, Dow Jones reported earlier.

Chris Witkowsky is editor of peHUB