Carlyle Shuts Some Operations as Financial Crisis Hits

Private equity firm Carlyle is shutting its operation in central and eastern Europe and its leveraged finance team in Asia as the global economic crisis bites. A spokesman said Carlyle has ended plans to form these specialized investment operations because in the current investment climate the opportunities did not warrant maintaining fully dedicated teams and funds. Both were relatively new operations for DC-based-Carlyle, one of the world's largest private equity firms. The central and eastern Europe operation, established August 2007, employed about 10 people in an office in Warsaw. Carlyle said it would continue to monitor the region and could make investments in that geographical area out of two London-based funds. It said Carlyle remained committed to emerging markets. The leveraged finance team in Asia was established in April 2007 and employed about seven people in offices including Hong Kong, Singapore and Sydney. No offices in Asia are closing as a result of the cutbacks.