Carlyle Group Closes Third Real Estate Fund, Raising More Than $570 Million

Washington, DC – The Carlyle Group today announced the final close of its third real estate fund, Carlyle Realty Partners III, bringing total equity raised for this fund to more than $570 million. The fund will invest in the office, hotel, industrial, and retail sectors.

Robert G. Stuckey, Managing Director and Fund Head, said, “The success of our fundraising efforts puts us in a uniquely strong position as we expect conditions for opportunistic real estate investments in the U.S. to become ideal in late 2002 and 2003. We look forward to building upon the success of our predecessor real estate funds and providing exceptional returns to our investors worldwide.”

Daniel A. D’Aniello, co-founder and Managing Director of The Carlyle Group, said, “Rob and his team have done superb work, paving the way for this successful fundraising effort. While Carlyle may be best known for its buyout prowess, our achievements in the real estate market have contributed significantly to the overall success of the firm.”

Since 1993, Carlyle Realty Partners has invested $1.4 billion in 79 properties with a total capitalization of $5 billion. Major U.S. cities have been its primary market focus, including New York, Washington, Boston, Chicago, San Francisco, and Los Angeles.