Latham Advises Carlyle on $4.1 Billion Fund to Promote Diversity

Latham & Watkins said it advised Carlyle Group Inc. on creating a $4.1 billion U.S. private equity credit line focused on promoting board diversity.

Carlyle said it structured the line for its Americas corporate private equity funds. Pricing of debt is tied to the firm’s goal of having 30% diverse directors on boards of Carlyle-controlled companies within two years of ownership.

The firm said the line, led by Bank of America and backed by a consortium of global financial institutions, is the first such facility exclusively focused on diversity. It’s also the largest environmental, social and governance-linked facility of its ...