Print this article
US Private Equity Giant Closes Hedge Fund
Stephen Harris
1 August 2008
US private equity firm Carlyle Group is closing its hedge fund business after disappointing performances this year and losses in 2007, according to the Wall Street Journal. Carlyle had a minority stake of about 40 per cent in Carlyle-Blue Wave Partners Management, a hedge fund group formed in April 2007 with an initial $900 million under management with a team from Deutsche Bank headed by Ralph Reynolds and Richard Goldsmith. It lost 17 per cent in 2007, but rose 2 per cent this year. The company said: "The funds launched in a challenging market and have not been able to achieve the critical mass of assets under management necessary to support a fund infrastructure."