Carlyle Group has acquired TCW management, a global asset management company from Société Générale, for an undisclosed price. The transaction resulted in the creation of an independent firm, 40 percent owned by TCW’s management and employees on a fully diluted basis.
Equity for the investment came from two Carlyle investment funds and from TCW management. The funds are Carlyle Global Financial Services Partners, a €810m financial services fund, and Carlyle Partners V, an. €10.1 bn U.S. buyout fund.
“The closing of the transaction with Carlyle officially opens the next chapter in TCW’s evolution. Especially gratifying to me is the expansion of employee ownership in the firm from nothing in early 2010 to the significant percentage it is today,” said the Chairman of the TCW Board Marc Stern. “The unifying effects of an ownership mentality, combined with resources, knowledge and guidance from Carlyle will fuel TCW’s continued growth.”
