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Focused on lower mid-market and growth technology companies
across Europe, the fund, called CETP V, has exceeded its 2.5
billion euro target in less than a year of fundraising, more
than doubling the size of the previous fund CETP IV.
With an average investment horizon of five years, it is
targeting areas such as cybersecurity, digital transformation
and cleantech, as well as software applications for financial
services, healthcare and infrastructure, Michael Wand and
Vladimir Lasocki said.
Lasocki said there were opportunities in less impacted private
markets, despite the plunge in tech valuations and a broad tech
selloff in public markets following the pandemic and crisis
caused by the Ukraine war.
Carlyle aims to invest in approximately 20-30 companies through
the new fund and in most cases will buy a majority stake.
It will, however, reserve about 15% of the fund for growth
equity transactions, Wand and Lasocki said.
The fund will write equity cheques of up to 250 million euros,
resulting in deals from between 100 million euros and 500
million euros in enterprise value, they said.
Targeting B2B technology businesses in Europe, Carlyle will
support portfolio firms with plans to become more international,
for example breaking into the U.S. market.
It will also work with the companies to upgrade management teams
and accelerate growth via M&A transactions, the co-heads said.
The fund already has two investments - Euro Techno Com Group
(ETC) a value-added distributor of telecoms equipment which it
sold to Cinven in June, rolling on a minority stake into its new
fund, and digital marketing agency Incubeta, which it acquired
earlier this month.
($1 = 0.9625 euros)
(Reporting by Emma-Victoria Farr, editing by Barbara Lewis)
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