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The Carlyle Group Inc. reports developments as a global investment firm that deploys private capital through Global Private Equity, Global Credit, and Carlyle AlpInvest. Company news commonly covers financial results, fee-related earnings, fundraising, inflows, distributable earnings, shareholder updates, capital allocation, and share repurchase activity.
Carlyle updates also include partnerships that broaden private-market access for wealth and retirement channels, activity involving private equity, credit, real estate, and infrastructure strategies, and financing or transaction developments tied to its investment platform and portfolio companies.
Accelerate Learning, a key player in K-12 STEM curriculum, has received a strategic investment from Providence Equity Partners, enhancing its growth potential in the education sector. Existing investors, including Carlyle (NASDAQ: CG), Quad Partners, Rice University, and Owl Ventures, will maintain minority stakes. The specific financial terms are undisclosed. Founded in 2013, Accelerate Learning's solutions promote problem-solving and critical thinking among students, reaching over 9 million students and 750,000 teachers nationwide. The company aims to leverage Providence's expertise to further enhance learning outcomes in STEM education.
Carlyle (NASDAQ: CG) has announced the granting of two inducement equity awards to new CEO Harvey M. Schwartz as part of his employment agreement dated February 5, 2023. The performance-based restricted stock units (PSU Award) cover 4,730,617 shares, with performance hurdles linked to stock price and total shareholder return, vesting over five years. Additionally, the restricted stock units (RSU Award) covering 2,031,602 shares vest in four installments from 2024 to 2027. Both awards include termination-related provisions for involuntary termination without cause or good reason. Carlyle manages $373 billion in assets across Global Private Equity, Global Credit, and Global Investment Solutions.
PCF Insurance Services, a leading U.S. insurance brokerage, secured a $500 million preferred equity investment, co-led by Carlyle Global Credit and HGGC. The firm's valuation stands at $4.7 billion, supported by 10% organic growth and revenues reaching $700 million in 2022. Since its management-led buyout in November 2021, PCF completed over 100 partner transactions. The investment is aimed at enhancing growth amidst economic uncertainty, leveraging a client-centric model and extensive employee expertise.
Carlyle (NASDAQ: CG) has appointed Harvey M. Schwartz as its new Chief Executive Officer, effective February 15, 2023. Schwartz, who previously served as President and Co-COO at Goldman Sachs, brings over 35 years of industry experience. He will focus on executing Carlyle's diversification strategy and exploring new investment opportunities to enhance shareholder value. Bill Conway, who has acted as Interim CEO, will continue as Co-Chairman. Carlyle aims to leverage Schwartz's leadership to capitalize on future market opportunities, promising a commitment to long-term value creation for investors.
Traxys, a key player in the metals and natural resources trading sector, announced a significant ownership change involving management, Optiver, and an investment group led by Regent Mercantile Holdings. They will acquire interests held by Carlyle and Louis M. Bacon. This deal, expected to close in May 2023, aims to enhance Traxys' capacity in the raw materials market catering to the growing demand from the EV and Battery Storage sectors. The transaction reflects a strategy to leverage Traxys' market expertise combined with Optiver's financial strength.
AlphaStruxure has secured a contract to design and operate a microgrid for the New Terminal One (NTO) at JFK Airport, enabling significant decarbonization efforts. This 11.34 megawatt microgrid will feature the largest rooftop solar array on any U.S. airport terminal, consisting of over 13,000 solar panels, generating enough electricity to power approximately 3,570 homes annually. The project will reduce greenhouse gas emissions by 38% compared to traditional energy sources. Expected to create over 10,000 jobs, the terminal aims for completion by 2030 and is projected to set new standards in energy resilience and sustainability.
Pathalys Pharma has successfully raised $150 million through secured product financing and equity to support its phase 3 clinical trials for upacicalcet, designed for treating secondary hyperparathyroidism in dialysis patients. The financing was led by Abingworth with participation from Carlyle and OrbiMed. This funding will ensure Pathalys can proceed with pivotal studies and pre-commercialization activities. The partnership with Launch Therapeutics aims to leverage their clinical expertise, as they take lead roles in clinical trials while Pathalys manages manufacturing and regulatory interactions.
Involta has announced the promotion of Carl Gordulic to Chief Financial Officer, effective January 17, 2023. Gordulic, a seasoned finance professional with over 25 years of experience, played a vital role in facilitating Involta's acquisition by Carlyle (NASDAQ: CG) in 2022. This leadership change aims to enhance Involta's growth strategy and manage the funds resulting from the Carlyle investment. Gordulic, who has held various positions within Involta for the past 15 years, is expected to drive the company's expansion in 2023 and beyond.
Vertical Capital Income Fund (NYSE: VCIF) announced a transaction agreement with Carlyle (NASDAQ: CG) to appoint Carlyle Global Credit Investment Management as its new investment adviser, pending shareholder approval. This shift aims to enhance value by focusing on collateralized loan obligations (CLOs). Carlyle will make a one-time payment of $10 million to shareholders and commit $50 million in equity investments. The Board unanimously supports this move, believing it aligns with strategic goals for maximizing shareholder returns. The transaction is expected to close in H1 2023, subject to necessary approvals.
Jagex, the publisher of RuneScape, has acquired Gamepires, an independent game studio known for the survival game SCUM, which has sold over 3 million copies since its 2018 launch. This acquisition aims to leverage Jagex's expertise and community-driven approach to enhance SCUM's future multi-platform release. With the backing of Jagex, Gamepires seeks to elevate SCUM to a leading open world title. The financial terms of the acquisition remain undisclosed.