Global investment firm The Carlyle Group has reached the final close of its inaugural Carlyle Credit Opportunities Fund (CCOF), a US$2.4 billion fund that invests indirectly originated private capital solutions primarily for upper middle market borrowers, including non-private equity sponsored, family or entrepreneur-owned companies seeking an alternative to traditional capital markets or private equity. Including available leverage, investable capital by CCOF increases to US$3.1 billion.

The fund has already committed approximately US$850 million to ten businesses in North America and Europe across various industries where Carlyle’s broader platform has domain expertise. These include investments in a founder-owned homebuilder, a publicly listed media company and a subsidiary of a large corporate focused on renewable energy.

A 15-person team based in New York and London advises the Carlyle Credit Opportunities Fund and invests across the capital structure through a combination of secured loans, senior subordinated debt, mezzanine debt, convertible notes, and other debt-like instruments, as well as preferred and common equity. The fund will benefit from proprietary investment opportunities originating from within Carlyle and the firms’ global resources and operating expertise.

Carlyle’s Global Credit platform, with $46 billion in assets as of March 31, 2019, includes funds in liquid credit, illiquid credit and real assets credit. These businesses have more than 100 investment professionals in New York, Washington, DC, Los Angeles, Chicago, Hong Kong and London.