Carlyle Group is aiming to raise more than $3bn for its latest infrastructure fund, Carlyle Global Infrastructure Opportunity Fund II, as the private equity giant continues to expand its presence in the asset class, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as revealing that the firm has begun preliminary discussions with prospective investors, though details remain confidential. A Carlyle spokesperson declined to comment.
The new fund follows the success of Carlyle Global Infrastructure Opportunity Fund, which raised $2.2bn in 2019 to invest in infrastructure assets across OECD countries. That fund is 88% deployed, generating a 1.6x multiple on invested capital (MOIC) and a net internal rate of return (IRR) of 11% as of 31 December, 2024, according to regulatory filings.
Key investments from the first fund include: Terminal One at JFK International Airport, where Carlyle later sold a majority stake to Ferrovial SA in 2022; Crimson Midstream, a provider of crude-oil storage and transportation services; and Amp Solar Group, a renewable energy firm focused on battery storage and clean energy projects.
While infrastructure remains a focal point for private equity firms seeking stable, long-term returns, with industry leaders including Apollo Global Management, BlackRock, and Blue Owl Capital having all made significant infrastructure-related acquisitions in recent months, fundraising has been mixed. In 2024, global infrastructure funds raised $95bn, slightly above the $94bn raised in 2023 but falling short of the $142bn annual average seen between 2018 and 2022, according to Preqin.
