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WASHINGTON, DC-Global alternative asset manager Carlyle Group is carving out ground in the fund-of-funds business with its just-announced acquisition of Metropolitan Real Estate Equity Management LLC. Financial terms of the transaction were not disclosed, but as GlobeSt.com reported on Wednesday, the locally based Carlyle intends to fund the purchase through its balance sheet. Subject to Metropolitan’s investors’ consent, the deal is scheduled to close in November.

Metropolitan will be folded into Carlyle Group’s Solutions platform, which also includes AlpInvest, the $48 billion private equity fund of funds operation.

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