Olivier Sarkozy, Carlyle managing director

The Carlyle Group and TCW management complete TCW acquisition

Alternative asset manager The Carlyle Group and the management of The TCW Group, an asset management firm, have completed their acquisition of TCW from Société Générale, creating an independent firm.

As a result of the transaction, TCW management and employees will own approximately 40 per cent of the firm on a fully diluted basis. Financial terms of the transaction have not been disclosed.

Equity for the investment came from two Carlyle investment funds and from TCW management. The funds are Carlyle Global Financial Services Partners, a USD1.1bn financial services fund, and Carlyle Partners V, a USD13.7bn US buyout fund.

“This is an exciting day in TCW’s 42-year history,” says TCW president and chief executive David Lippman. “To date, our success has been powered by the tradition of investment excellence instilled in the firm by our founder Robert Day. As we transition to a freestanding company, I also thank Société Générale for all of the support they have given us over the years as a terrific parent company. We now move forward with another supportive partner in Carlyle, increased employee ownership, and the alignment of interests. I look forward to a bright future.”

“We are pleased to have completed this investment and started this partnership,” says Olivier Sarkozy (pictured), Carlyle managing director and head of the financial services team. “TCW is a solid and successful business built around a strong franchise. This sentiment has only deepened over the past few months as we have witnessed firsthand the professionalism and discipline of both the executive management and investment teams. We are particularly pleased with TCW’s fast-growing mutual fund complex, which has grown by more than 20 per cent since we first announced the transaction in August. We look forward to supporting TCW and creating value.”

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