The Carlyle Group today officially closed the book on its acquisition of The TCW Group, which retained some 40% of the firm on a fully diluted basis. Financial terms of the transaction were not disclosed.
Equity for the investment came from two Carlyle investment funds and from TCW management.
In a statement, Marc Stern, chairman of the TCW Board, noted that, “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.”
Olivier Sarkozy, head of the financial services team at Carlyle, added that: “We are particularly pleased with TCW’s fast-growing mutual fund complex, which has grown by more than 20% since we first announced the transaction in August.”
