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AI market round up: Carlyle to launch $1 billion hedge fund

Private equity specialist Carlyle is moving into the hedge fund business on the back of "client demand and product diversification", according to a source familiar with the firm.

Carlyle hopes to raise $1 billion in assets for the fund, which will take a multi-strategy approach. Rick Goldsmith and Ralph Reynolds, formerly of Deutsche Bank, will run the fund. The source says that the fund will be kept completely separate from the private equity business and that there will be "zero interaction" between the two businesses. The launch is expected imminently.