According to the co-heads of Carlyle Europe Technology Partners, the US buyout firm Carlyle Group has raised more than three billion euros ($3.12 billion) for a pan-European technology fund that is taking advantage of “pockets of life” in the economy.
The CETP V fund, which focuses on lower mid-market and growth technology companies across Europe, has more than doubled the size of the previous fund CETP IV in less than a year of fundraising.
Despite the drop in tech valuations and a broad tech selloff in public markets as a result of the pandemic and crisis caused by the Ukraine war, Lasocki believes there are opportunities in less impacted private markets.
Carlyle intends to invest in approximately 20-30 companies through the new fund, acquiring a majority stake in the majority of them.
The fund will write equity cheques of up to 250 million euros, resulting in deals with enterprise values ranging from 100 million euros to 500 million euros, they said.
Carlyle will support portfolio firms with plans to become more international, such as breaking into the U.S. market, with a focus on B2B technology businesses in Europe.
The fund already has two investments – Euro Techno Com Group (ETC) a value-added distributor of telecoms equipment which it sold to Cinven in June, rolling on a minority stake into its new fund, and digital marketing agency Incubeta, which it acquired earlier this month.
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