The Carlyle Group’s investment solutions division grew its assets under management (AUM) by 2 percent in 2014, according to the firm’s year-end earnings report.
Total AUM edged up to $50.8 billion last year, from $49.8 billion at the end of 2013.
Despite the year-on-year growth, AUM declined throughout 2014 from $57.2 billion during the first quarter. AUM was affected by negative foreign exchange impact of $1.1 billion, distributions of $2.7 billion and net redemptions of $0.9 billion, partially offset by $1.2 billion in market appreciation.
Carlyle’s solutions group includes fund of funds manager AlpInvest, which is currently investing its fifth fund. Fund V – Secondary Investments closed on €3.8 billion in 2013 and has deployed €1.6 billion to date. More than €200 million was deployed during the fourth quarter of 2014.
The fund was generating a multiple on invested capital of 1.4x and a net internal rate of return of 28 percent as of 31 December.
The solutions group also includes Metropolitan Real Estate Equity Management and Diversified Global Asset Management, Carlyle’s hedge fund arm. Metropolitan is currently targeting $450 million for its first dedicated secondaries and co-investments fund. It had collected $70 million as of November.
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