District-based Carlyle Group has agreed to purchase a Dutch asset manager in a deal that would significantly expand its investment portfolio and make it the world's largest private equity firm.
Carlyle said Tuesday the acquisition of AlpInvest Partners would give it nearly $150 billion in assets under management, up from the current $98 billion. By that metric, Carlyle is expected to overtake rivals Blackstone Group and KKR to become the world's largest buyout firm once the deal closes.
In acquiring AlpInvest, Carlyle diversifies its businesses in the event the private equity firm decides to sell its shares to the public.
"By partnering with sophisticated global investors, Carlyle is better able to provide the range of products and services our investors seek," Carlyle co-founder David M. Rubenstein said.
AlpInvest is one of the world's largest private equity managers, running $43.3 billion mainly on behalf of two Dutch pension fund managers. It has invested with several U.S.-based private equity firms, including Carlyle, Blackstone Capital Partners and Kohlberg Kravis Roberts, according to its Web site.