Carlyle is reportedly raising a new fund by performing a $3.5 billion NAV securitization of stakes in its legacy funds, VII and VIII, to return capital to LPs and seed a new fund, CP IX. The firm plans to raise $4 billion in bank debt and preferred equity against this stake, while contributing $4 billion in common equity from its own balance sheet into a Special Purpose Vehicle (SPV). This strategy aims to provide liquidity for existing investors while securing an initial $5 billion in committed capital for CP IX following a fundraising miss for CP VIII.