Carlyle distressed fund triples in size from predecessor

The alternative asset manager’s fund will invest in the debt and equity of financially troubled companies.    

The Carlyle Group has surpassed its $2 billion goal for its fourth distressed fund, according to US Securities and Exchange Commission regulatory filings submitted on Monday.

The Washington, DC-based firm disclosed it brought in $2.24 billion for Carlyle Strategic Partners (CSP) IV. Among the limited partners contributing money is the Minnesota State Board of Investment, which made a $100 million commitment.

A Carlyle spokesman declined to comment.

The fund’s predecessor, CSP III closed at $703 million according toitsPrivate Debt Investor data. LPs investing in that fund included the Flintshire, UK-based Clwyde Pension Fund, which made a £7.5 million ($9.43 million, €8.74 million) commitment.

Carlyle’s latest fundraise comes as the firm has made two hires: Ben Schryber as a managing director in credit sales, whichPDI exclusively reported earlier this week, and Craig Farr as a senior advisor to the global credit group, which the firm announced on Monday. Schryber will start this spring, while Farr’s position went effective Wednesday.

Carlyle manages over $160 billion in assets, one-fifth of which are in its Global Market Strategies credit division. The firm invests in distressed debt, mezzanine and structured credit.