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An avalanche of private equity-led acquisitions of banks never materialized this year, dampening expectations for a 2012 rebound. But don't tell that to former bankers who are tied to buyout funds.
December 6
The Carlyle Group, a powerhouse private-equity firm that has been aggressively acquiring stakes in ailing banks, is looking to raise additional funds to invest in troubled and capital-starved financial institutions.
Reuters reported late Tuesday that the Washington, D.C., firm has started rounding up investors for a new global financial services buyout fund — Carlyle Global Financial Services Partners II — that would be even larger than the $1.1 billion fund it launched in 2008 at the height of the financial crisis.
Most of the money in that fund, Carlyle Global Financial Services Partners I, has been spent recapitalizing such banking companies as Central Pacific Corp. in Honolulu, FNB United Corp. in Asheboro, N.C., and Hampton Roads Bancshares Inc. in Norfolk, Va.
Carlyle was also one of the lead investors in BankUnited Inc. in Miami Lakes, Fla., after its predecessor bank failed in 2009 and was taken over by a group headed by former North Fork Bank Chairman and Chief Executive John Kanas. BankUnited went public in January, raising $783 million in a stock offering that well exceeded investors' expectations.
For its new fund, Carlyle is seeking a minimum investment of $10 million and intends to raise money for more than a year, Reuters reported.
