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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.”