Carlyle Pulls Back Overseas
The Carlyle Group is shutting down its 12-person Warsaw office and is laying off another seven people throughout Asia as it pulls back from two specialized ventures in emerging markets.
The firm has closed down its team in Central and Eastern Europe, which was formed to pursue leveraged buyouts and invest in growth companies since August 2007, according to a spokesman.
The firm also shut down the team that had specialized in Asian leveraged finance for the past year and a half. The Asian team was spread across Australia, Hong Kong and Singapore.
Carlyle spokesman Chris Ullman said any potential transactions covering Eastern and Central Europe can be handled out of Carlyle's London office.
Ullman said the firm will not pursue investments in Asia's debt markets.
"Carlyle has ended plans to form these specialized investment operations because in the current investment climate, opportunities did not warrant maintaining fully dedicated teams and funds," said Ullman. "The worst financial crisis in decades has hit the globe. That has impacted the necessity of teams dedicated to doing just those things in those regions."
Ullman said about 19 Carlyle employees will be let go, as a result of the shutdowns.
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