Oct. 2 (Bloomberg) -- Carlyle Group LP, the second-biggest private-equity firm by assets, has raised less than a fifth of its 3 billion-euro ($4 billion) goal so far on its latest European buyout fund, according to a person familiar with the matter.
Carlyle Europe Partners IV LP, which started to raise money in December, had received 500 million euros as of last month, said the person, asking not to be identified because the fund is private. The predecessor vehicle raised 5.3 billion euros in 2006.
Carlyle is competing for a limited pool of capital from investors that are cutting down on the number of firms they invest with. That’s causing some funds to raise money quickly, while others struggle. CVC Capital this year raised 10.5 billion euros for its latest buyout fund after starting to raise money in January, while London-based Permira Advisers LLP has yet to close on the revised target of 5 billion euros it started gathering more than two years ago.
Randall Whitestone, a spokesman for Washington-based Carlyle, declined to comment on the firm’s fundraising.
Carlyle’s European buyout business generally invests in companies with enterprise values of more than 200 million euros, according to the firm’s website. The unit, founded by Jean- Pierre Millet, gathered 1 billion euros for its first fund in 1998 and raised 1.8 billion euros for a second fund in 2003.
The third fund, Carlyle Europe Partners III LP, was producing a multiple of 1.4 times invested capital and a 7 percent net internal rate of return as of June 30, according to the firm’s latest earnings report. That fund in August acquired German nursing home operator Alloheim AG from Star Capital Partners Ltd. A month earlier, the fund purchased Chesapeake Ltd., a U.K.-based supplier of packaging, from Irving Place Capital LP and Oaktree Capital Group LLC.
Carlyle had $180.4 billion in assets as of June 30, trailing New York-based Blackstone Group LP, which reached an industry record in July of $229.6 billion in assets.
--Editors: Sree Vidya Bhaktavatsalam, Christian Baumgaertel