PRIVATE equity powerhouse Carlyle revealed yesterday that it hopes to raise between $701.5m and $762.5m (£441m and £479.7m) through an initial public offering in the US, which would value the firm at up to $7.61bn.
Carlyle, which has $147bn in assets under management, is to list 10 per cent of the company on the Nasdaq in the form of 30.5m common units priced at between $23 and $25.
The firm’s founders are set to embark on a roadshow this week to persuade investors to take part in the IPO, expected next month.
Carlyle’s value under the current float plans would mean it is worth less than its listed private equity peers Blackstone, KKR and Apollo.
But it boasted of “a greater presence around the globe and in emerging markets than any other alternative asset manager” in documents released yesterday, and a “diverse platform [that] also enhances our resilience to credit market turmoil”.
The firm said it will use around $660m of the proceeds to pay off debts, and the remainder to pay for operational expenses and expansion plans.
Senior staff will retain control of Carlyle’s “general partner”, which is responsible for managing the business.
Carlyle’s founders will not sell any of their shares in the offering, and shareholders will have no right to elect directors to the general partner, the filings showed.
But investors will be in line for quarterly dividends worth $0.16 per unit.