US-based private equity and alternative asset management firm Carlyle Group has raised $3.12 billion for a pan-European technology fund that aims to invest in 20 to 30 companies. The majority of these investments will see the firm commit to a majority stake, however approximately 15% of the fund will be reserved for growth equity deals.
The Carlyle Group is specifically targeting lower mid-market and growth-stage European B2B technology businesses operating in the cybersecurity, digital transformation, and cleantech spaces, alongside builders of software-based services in the financial, healthcare, and infrastructure sectors.
The Group is seeking deals ranging in the €100 million to €500 million range and issuing cheques up to €250 million.
According to Reuters, the fund already has two investments; one in telecom equipment distributor Euro Techno Com Group (ETC), which it sold to CineVen in June in a deal understood to be worth almost €2 billion and is now reinvested as a minority stakeholder, and digital marketing agency Incubeta, which it acquired earlier this month for an undisclosed sum.
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