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Latham Advises Carlyle on $4.1 Billion Fund to Promote Diversity

Feb. 22, 2021, 11:56 AM

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 kind in the U.S., Carlyle said.

Carlyle CEO Kewsong Lee said the facility directly supports the firm’s commitment to increasing board diversity and building better businesses.

“As one of the world’s leading global investment firms,” Lee said, “we have a significant opportunity to drive both growth and impact in an aligned way as we create long-term value for our companies, investors, shareholders, and communities.”

To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com; John Hughes in Washington at jhughes@bloombergindustry.com

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