Carlyle just raised over $3B for its new 20-year private equity fund, Carlyle Global Partners, the latest private equity giant to do so following Blackstone and CVC’s break from the usual 10-year model.
The change comes from businesses needing capital longer to build themselves over an extended period, Elliot Merrill, Carlyle vet and co-head of the fund, tells Bloomberg. Additionally, he says, family-owned companies don’t want to go public in years three to five.
KKR is also getting in on the long-term action, calling Warren Buffett’s Berkshire Hathaway, which buys out companies indefinitely, “the perfect private equity model.”
KKR has stacked up $10B in assets outside of its funds that it’s used to invest in tech startups. [Bloomberg]
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