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Latham & Watkins Advises Carlyle in Largest ESG-Linked Credit Facility in the US at US$4.1 Billion

February 17, 2021
First-ever facility exclusively tied to board diversity supports Carlyle’s goal of 30% diverse board directors across its portfolio companies.

Global investment firm The Carlyle Group has announced it has secured the largest ESG-linked private equity credit facility in the US for US$4.1 billion and the first to focus exclusively on advancing board diversity. Carlyle structured this revolving credit facility for its Americas corporate private equity funds, with the price of debt directly tied to the firm’s previously set goal of having 30% diverse directors on the boards of Carlyle controlled companies within two years of ownership. 

Latham & Watkins LLP represented Carlyle in the transaction with a finance team led by Washington, D.C. partner Manu Gayatrinath, Global Chair of the Private Equity Finance Practice, and Washington, D.C. partner Ben Berman, with associates Donald Cooley, Maggie Wilder, Alison Morris, and Sarah Cunningham. Advice was also provided on tax matters by Washington, D.C. partner Andrea Ramezan-Jackson; and on ERISA matters by Washington, D.C. partner David Della Rocca.