Former Reporter

Private equity giant Carlyle Group has made a large return from the sale of German payroll software provider P&I Personal & Informatik.

Carlyle has sold the business to mid-market buyout firm HgCapital for an enterprise value of €438 million, according to one person familiar with the situation. The deal comes as the global private equity firm lays the groundwork for its third European technology fund.

The sale comes as Carlyle pre-markets its third technology fund, which has a target of €500 million and is likely to launch early next year

Alec Macfarlane

Carlyle Group

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Carlyle scores big return on P&I exit

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