BET founder forms investment partnership with world's largest private equity firm

Robert Johnson, the founder of Black Entertainment Television, on Tuesday said he has signed a letter of intent with Carlyle Group to form a private equity fund manager.

The fund will be a long-term venture and will be managed by one of the largest teams of African-American professionals in the private equity community, Johnson said.

“This is my second act,” Johnson said in an interview. “Where I want to make an impact in my economic life is by starting these two funds, bringing in talented African American management to work with me and bringing in partners to share my vision of developing top management talent who want to have equity in what they're doing.”

This is the second deal Johnson's RJL has announced in less than a month in Johnson's efforts to form the largest African-American owned asset management company in the United States.

"My philosophy is when I see business sectors not yet effectively penetrated by African Americans, I ask myself why is that, and how can I change it," he said.

On Nov. 22, Johnson announced that he has signed a letter of intent with Deutsche Asset Management (DeAM), the asset management division of Deutsche Bank AG, to form and operate a hedge fund under his holding company RLJ.

The partnerships first fund will be funded with more than $500 million, and will make investments in the $10 million to $40 million range, Johnson said.

Last month Johnson said, "I'm going to consolidate all of my holdings, staff group, hotel groups, everything, and a few new things we're planning to announce."

Carlyle and RLJ will contribute approximately 1% to 5% of the value of their equity stakes in the venture to launch the equity fund. RLJ plans to use the fund to make middle-market investments in the media, financial services and business services industries.

The new private equity firm, will be 80% controlled by RLJ and 20% owned by the Carlyle Group.

Carlyle Group, based in Washington D.C. is the world's largest private equity firm with $35 billion in assets already under management.