Post by Sapphire Capital on Aug 3, 2008 2:47:13 GMT 4
Blue Wave to Close
August 1, 2008
By James Armstrong, Staff Writer Markets Media Online
Blue Wave Partners Management is shutting down after little more than a year of operations.
Private equity firm the Carlyle Group launched Blue Wave together with former Deutsche Bank executives Rick Goldsmith and Ralph Reynolds. Initially, Blue Wave's multi-strategy funds had $1 billion in assets under management.
"Investors have been informed that the funds have begun to liquidate their portfolio in an orderly manner," Carlyle said in a statement on Thursday. The company said the funds will close "eventually," but gave no timeline.
Blue Wave reported its funds' equity-focused share class was up more than 2 percent in 2008, handily beating most U.S. stock market indices, which are down for the year. Still, the funds failed to reach a "critical mass" of assets necessary to support the firm's infrastructure, the company said.
The Carlyle Group currently has $87.2 billion in assets under management, about two thirds of which is in buyout funds. William Conway, Daniel D'Aniello and David Rubenstein founded Carlyle in 1987.
August 1, 2008
By James Armstrong, Staff Writer Markets Media Online
Blue Wave Partners Management is shutting down after little more than a year of operations.
Private equity firm the Carlyle Group launched Blue Wave together with former Deutsche Bank executives Rick Goldsmith and Ralph Reynolds. Initially, Blue Wave's multi-strategy funds had $1 billion in assets under management.
"Investors have been informed that the funds have begun to liquidate their portfolio in an orderly manner," Carlyle said in a statement on Thursday. The company said the funds will close "eventually," but gave no timeline.
Blue Wave reported its funds' equity-focused share class was up more than 2 percent in 2008, handily beating most U.S. stock market indices, which are down for the year. Still, the funds failed to reach a "critical mass" of assets necessary to support the firm's infrastructure, the company said.
The Carlyle Group currently has $87.2 billion in assets under management, about two thirds of which is in buyout funds. William Conway, Daniel D'Aniello and David Rubenstein founded Carlyle in 1987.