TCW, EIG, Carlyle Reach Agreement, Clearing Way for Closing of Transaction
January 16 2013 - 12:56PM
Business Wire
The TCW Group (TCW), an international asset management firm, EIG
Global Energy Partners (“EIG”), a leading institutional investor to
the global energy sector, and global alternative asset manager The
Carlyle Group (NASDAQ: CG) today jointly announced an agreement
under which EIG is now supportive of the acquisition of TCW by
investment funds affiliated with Carlyle and TCW management.
Under terms of the agreement, EIG is publicly supporting – and
will assist TCW in securing investor consents for – the
transaction. TCW will maintain its economic interest in existing
EIG-managed funds, while EIG will assume full management
responsibility for the Funds as general partner and investment
manager. EIG will acquire TCW’s economic interest in future
EIG-managed Funds, completing the consensual spin-off from TCW that
was announced in January 2011. The TCW-Carlyle transaction remains
on track to close in the near future.
“We are very pleased to have reached this agreement to move
forward together with EIG in support of the Carlyle transaction,”
said David Lippman, TCW President and CEO. “The agreement protects
the interests of investors in the Energy Funds, allows TCW to
maintain its economic interest in the existing Funds, and
guarantees that EIG’s investment team will continue to manage the
Funds as it has in the past.”
Said EIG Founder Blair Thomas, “We are supportive of TCW’s
acquisition by Carlyle and TCW management and will assist in its
completion. With this agreement, the interests of our Fund
investors are fully protected and the same professionals will
continue to manage the Funds. This completes our consensual
spin-off from TCW, begun two years ago, and we are excited to move
forward as a fully independent company.”
Carlyle Managing Director Olivier Sarkozy said, “This agreement
is a win for everyone involved and we are pleased to move forward
to closing. TCW is a great company and we look forward to
partnering with management in TCW’s new chapter as an independent
asset manager.”
About TCW
Founded in 1971, The TCW Group, Inc. develops and manages a
broad range of innovative, value-added investment products that
strive to enhance and protect clients’ wealth. The firm has
approximately $138 billion in assets under management, including
$50 billion in mutual funds under the MetWest and TCW Fund
families. TCW clients include many of the largest corporate and
public pension plans, financial institutions, endowments and
foundations in the U.S., as well as a substantial number of foreign
investors and high net worth individuals. For more information,
please refer to www.tcw.com.
About EIG
EIG is a leading institutional investor to the global energy
sector with $10.3 billion under management as of September 30,
2012. EIG specializes in private investments in energy, resources
and related infrastructure and was formerly the Energy &
Infrastructure Group of Trust Company of the West. During its
30-year history, EIG has invested over $14 billion in the sector
through more than 290 projects or companies in 33 countries on 6
continents. EIG's clients include many of the leading pension
plans, insurance companies, endowments, foundations and sovereign
wealth funds in the U.S., Asia and Europe. EIG is headquartered in
Washington, DC, with offices in Houston, London, Sydney, Hong Kong,
Seoul and Rio de Janeiro.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset
manager with $157 billion of assets under management across 101
funds and 64 fund of fund vehicles as of September 30, 2012.
Carlyle's purpose is to invest wisely and create value on behalf of
our investors, many of whom are public pensions. Carlyle invests
across four segments – Corporate Private Equity, Real Assets,
Global Market Strategies and Fund of Funds Solutions – in Africa,
Asia, Australia, Europe, the Middle East, North America and South
America. Carlyle has expertise in various industries, including:
aerospace, defense & government services, consumer &
retail, energy, financial services, healthcare, industrial,
technology & business services, telecommunications & media
and transportation. The Carlyle Group employs 1,300 people in 32
offices across six continents. www.carlyle.com
www.youtube.com/onecarlyle www.twitter.com/onecarlyle
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