EUROPEAN COMMISSION DG Competition

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 30/11/2023

In electronic form on the EUR-Lex website under document number 32023M11347

EUROPEAN COMMISSION

Brussels, 30.11.2023 C(2023) 8436 final

PUBLIC VERSION

The Carlyle Group Inc. 1, St. James Market SW1Y 4AH London United Kingdom

GTCR, LLC 300 North LaSalle Street, Suite 5600 60654 Chicago, Illinois United States of America

Dear Sir or Madam,

1.1. On 8 November 2023, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which the Carlyle Group Inc. (“Carlyle”, USA) and GTCR, LLC (“GTCR”, USA) will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of the Capfinancial Group, LLC (“CAPTRUST”, USA), currently controlled by GTCR. The transaction is accomplished by way of purchase of shares.

2. The business activities of the undertakings and the joint venture concerned are the following:

-− Carlyle, headquartered in the USA, is a global alternative asset manager, which manages funds that invest globally in: (i) Global Private Equity; (ii) Global Credit; and (iii) Investment Solutions,

-− GTCR, headquartered in the USA, is a private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Business Services industries,

1OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). With effect from 1 December 2009, the Treaty on the Functioning of the European Union (‘TFEU’) has introduced certain changes, such as the replacement of ‘Community’ by ‘Union’ and ‘common market’ by ‘internal market’. The terminology of the TFEU will be used throughout this decision.

2OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).

3Publication in the Official Journal of the European Union, OJ C, C/2023/1012, 16.11.2023.

Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111

− CAPTRUST, headquartered in the USA, is an independent registered investment advisor that provides investment advisory, asset management, and planning services to private clients and institutional investors.

3.3. After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(a) of the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004.

4.4. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.

For the Commission

(Signed) Olivier GUERSENT Director-General

4OJ C 160, 5.5.2023, p. 1–10.

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