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Carlyle Partners IV, which closed in 2005 on $7.85bn, has received investor approval for a 2-year extension to exit two remaining portfolio companies.
The advisory firm has hired a former fund of funds executive to focus on client advisory in the UK, Europe and the Middle East.
Campbell Lutyens has been hired by the renewables manager to run a process that could could fetch up to €1bn.
More than 2,000 applicants have already applied for investment associate positions with the firm, which is deploying its $7.2bn Coller International Partners VII fund.
The BVCA is in ongoing discussions with the UK Treasury over changes to the law governing limited partnerships in England.
The deal was part of PIP's eight commitments to secondaries deals and funds since July amid favourable pricing conditions in the secondaries market.
PAI Europe IV holds at least eight assets including automotive fast-fit services company Kwik-Fit and Spanish apparel retailer Grupo Cortefiel.
Greenhill Cogent has been hired to sell the portfolio just months after the US' largest pension sold up to $4bn-worth of private equity and real estate stakes.
The German fund manager’s new vehicle, which can invest in both fund and direct secondaries, will deploy 75% of capital raised into unlisted funds.
Sonae Sierra will continue to manage the nine asset fund after selling a 25% stake to the New York real estate investment firm.