Carlyle Reportedly Seeks $5Bln For Fund With Longer Life;invests In Diamond Bank

(RTTNews) - Alternative asset manager Carlyle Group (CG) is looking to raise as much as $5 billion for a fund that can hold stakes in companies for as long as 20 years, joining private equity firms such as Blackstone Group LP (BX) and CVC Capital Partners Ltd. in seeking more permanent capital from investors, Bloomberg reported.

The report indicated that the company expects to make investments that don't fit within the mandate of Carlyle's sixth main buyout fund, which raised $13 billion last year. Investments could include taking minority stakes in companies and backing family-owned businesses. The fund would charge lower fees than its traditional buyout offering.

The report said that Carlyle is planning to charge a 1 percent management fee and take 15 percent of the profits, known as the carried interest, on the longer-life fund.

In a separate press release, Diamond Bank Plc. said that The Carlyle Group, through its Carlyle Sub-Saharan Africa Fund, invested $147 million in Diamond Bank Plc.This investment was made possible through purchase by the company of rights traded on the floor of the Nigerian Stock Exchange in the Bank's recently completed (NGN 50 billion) rights issue.