Global alternative asset manager The Carlyle Group CG today
announced it has added significant capability to its growing global natural
resources investment platform. Carlyle has acquired a 47.5 percent revenue
interest in NGP Energy Capital Management, an Irving, TX-based energy investor
with $12.1 billion in assets under management. Carlyle will pay, at closing,
$424 million to acquire Barclays Natural Resource Investments' (“BNRI”) 40
percent stake and 7.5 percent from NGP's management. The transaction, which
will be funded with cash and Carlyle Holdings partnership units, has closed
today, December 20.
The transaction also includes: a right to purchase an incremental 7.5 percent
revenue interest, which would bring Carlyle's total revenue interest to 55
percent; 7.5 percent of the carried interest in all future funds; and options
to acquire BNRI's 40 percent interest in the carried interest in NGP's current
flagship fund (NGP Natural Resources X, L.P.) and all future NGP funds.
Carlyle has also agreed to pay the sellers additional consideration during
2015 to 2018, contingent upon NGP achieving certain business performance
goals.
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