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Carlyle acquires TCW from Société Générale

Global alternative asset manager The Carlyle Group has completed the acquisition of TCW from Société Générale, and formed an independent company.

Further terms of the deal have not been disclosed, although the firms said that TCW management and employees will own nearly 40% of the firm on a fully diluted basis.

Under the terms of the transaction, two investment funds including Carlyle Global Financial Services Partners as well as Carlyle Partners V; and TCW management provided equity for the investment.

TCW board chairman Marc Stern, "The unifying effects of an ownership mentality, combined with resources, knowledge and guidance from Carlyle will fuel TCW’s continued growth."

Established in 1971, TCW Group develops and manages an array of value-added investment products to boost and protect clients’ wealth.

As of 30 September 2012, Carlyle Group had $157bn of assets under management across 101 funds and 64 fund of fund vehicles and manages 32 locations across six continents.