Carlyle Draws $1.5 Billion for Asset-Backed Fund in First Round

Carlyle Group Inc. raised $1.5 billion in its first round of fundraising for a new vehicle investing in asset-backed finance as the private equity giant grows its credit business.

Pension funds, sovereign wealth funds and other institutional investors took part in the Carlyle Asset-Backed Income Fund, according to a person familiar with the matter. Instead of having a limited life span like most credit vehicles, the fund will remain outstanding indefinitely, said the person who asked not to be identified discussing sensitive information.

The Texas County & District Retirement System, which provides employees of Texas localities with retirement and ...