Carlyle holds first close for distressed fund

The US firm has gathered $576m in equity commitments toward its fourth Carlyle Strategic Partners fund, which invests in distressed assets and special situations.

The Carlyle Strategic Partners IV Fund has raised $576 million according to an SEC filing posted today (14 April). This represents a first close toward the distressed fund that ultimately aims to raise $2 billion . Carlyle's partners also typically invest about $100 million into these funds, according to sources.

 A Carlyle spokesman declined to comment.

Carlyle's strategic partners business was launched in 2004 with $211 million. The funds invest in the debt and equity of financially distressed companies globally.  Shary Moalemzadeh in New York and Ian Jackson in London lead the strategy.

The previous Carlyle Strategic Partners III fund raised $700 million in 2013.

According to the SEC filing on Fund IV, TCG Securities, Morgan Stanley Smith Barney and Etgal Holdings of Tel Aviv is helping Carlyle raise money.

The distressed and special situation platform is part of Carlyle's broader debt business, called Global Market Strategies (GMS). GMS has about $35 billion in assets under management. Carlyle overall handles $183 billion in a variety of traditional and alternative strategies, including private equity, credit, hedge funds and fixed-income. The firm is headquartered in Washington, D.C.