Firm: The Carlyle Group
Fund: Carlyle Mezzanine Partners LP
Target: $400 million
Cap: $450 million
Timing of Close: Expected by the end of May
The fund was launched with a target of $400 million, according to public filings, and held an interim close last April on $170.5 million.
Sources disagreed on the exact timing of the fund’s close. However, the consensus anticipates that the fund will close before the end of May. And while the fund is capped at $450 million, one source noted that it will probably come in below that figure.
A spokesperson for Carlyle declined comment.
Other mezzanine funds to close this year include
The mezzanine market, having been badgered with competition from business development companies and second-lien-lending hedge funds, has been encouraged recently by the hope of rising interest rates and an anticipated market correction that some lenders say will shoo the hedge funds out of the asset class.
Lenders are expecting a pullback from the second lien market, following its explosive growth over the last two years. Meanwhile, flexibility has become a hot issue as more and more firms are expressing interest in being able to supply to all parts of the capital structure.—M.C.