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Carlyle Group to spin off China real estate team

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Carlyle Group to spin off China real estate team

Private equity firm Carlyle Group LP plans to spin off its real estate team focused on China by the end of 2018, Bloomberg News reported.

Investor appetite is drying up for a country-dedicated property fund, the news outlet said, citing an interview with Brooke Coburn, deputy chief investment officer of Carlyle's real assets division.

Carlyle China Realty LP, to be led by Han Chen, will be able to raise capital from third-party sources and pursue deals independent of Carlyle, which will retain control over decision-making, reporting and compliance of existing assets, according to the report.

According to data compiled by Bloomberg, the private equity firm set a capital-raising target in 2016 for Carlyle China Realty of $500 million. However, after raising about $120 million by mid-2017, it stopped seeking further capital due to substantial interest for separately managed accounts as a means of investing in Chinese real estate, the news outlet added.

Following the spinoff, Carlyle will invest in the Asian real estate market through its Carlyle Asia Partners V LP buyout fund for the region, with a focus on operators of hotels or logistics businesses.