The Carlyle Group will close Diversified Global Asset Management, its fund of hedge funds platform acquired in November 2013. DGAM had $6.7 billion in managed and advised assets when it joined the Carlyle family. It currently has less than $2 billion in assets under management.
DGAM's poor performance is similar to Carlyle's Claren Road hedge fund, which fell from $8.5 billion in 2014 to just over $1 billion, according to SeekingAlpha.
Between the two investment vehicles Carlyle saw AUM drop $12.2 billion. It would be interesting to see DGAM and Claren Road's actual performance as Carlyle affiliates.
Update 2-28-16: ZeroHedge reported investors withdrew $25 billion from hedge funds in January