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Wikipedia

The Carlyle Group

December 12, 2023

The Carlyle Group is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management. It specializes in private equity, real assets, and private credit. It is one of the largest mega-funds in the world. In 2015, Carlyle was the world's largest private equity firm by capital raised over the previous five years, according to the PEI 300 index.[2] In the 2023 ranking however, it had slipped to fifth place.[3]

The Carlyle Group Inc.
TypePublic
IndustryPrivate equity
Founded1987; 36 years ago (1987)
Founders
Headquarters
Washington, D.C.
,
U.S.
Key people
Products
Revenue US$4.44 billion (2022)
US$1.57 billion (2022)
US$1.23 billion (2022)
AUM US$373 billion (2022)
Total assets US$21.4 billion (2022)
Total equity US$6.82 billion (2022)
Number of employees
2,100 (2022)
Websitecarlyle.com
Footnotes / references
[1]

Founded in 1987 in Washington, D.C., by William E. Conway Jr., Stephen L. Norris, David Rubenstein, Daniel A. D'Aniello and Greg Rosenbaum, the company has nearly 1,850 employees in 26 offices on six continents as of December 2021. On May 3, 2012, Carlyle completed a US$700 million initial public offering and began trading on the NASDAQ stock exchange.

History edit

Founding and early history edit

Carlyle was founded in 1987 as an investment banking boutique by five partners with backgrounds in finance and government: William E. Conway Jr., Stephen L. Norris, David Rubenstein, Daniel A. D'Aniello and Greg Rosenbaum.[4] The founding partners named the firm after the Carlyle Hotel in New York City (named for Thomas Carlyle)[5] where Norris and Rubenstein had planned the new investment business.[6] Rubenstein, a Washington-based lawyer, had worked in the Carter Administration.[7] Norris and D'Aneillo had worked together at Marriott Corporation; Conway was a finance executive at MCI Communications. Rosenbaum left in the first year[8] and Norris departed in 1995.[6][9] Rubenstein, Conway and D'Aneillo remain active in the business. Carlyle was founded with $5 million of financial backing from T. Rowe Price, Alex. Brown & Sons, First Interstate Equities, and the Richard King Mellon family.[10][11]

In the late 1980s, Carlyle raised capital deal-by-deal to pursue leveraged buyout investments, including a failed takeover battle for Chi-Chi's.[8][11] The firm raised its first dedicated buyout fund with $100 million of investor commitments in 1990. In its early years, Carlyle also advised in transactions including, in 1991, a $500 million investment in Citigroup by Prince Al-Waleed bin Talal, a member of the Saudi royal family.[11]

Carlyle developed a reputation for acquiring businesses related to the defense industry. In 1992, Carlyle completed the acquisition of the Electronics division of General Dynamics Corporation, renamed GDE Systems, a producer of military electronics systems.[12] Carlyle would sell the business to Tracor in October 1994.[13] Carlyle acquired Magnavox Electronic Systems, the military communications and electronic-warfare systems segment of Magnavox, from Philips Electronics in 1993.[14] Carlyle sold Magnavox for about $370 million to Hughes Aircraft Company in 1995. Carlyle also invested in Vought Aircraft through a partnership with Northrop Grumman.[15] Carlyle's most notable defense industry investment came in October 1997 with its acquisition of United Defense Industries. The $850 million acquisition of United Defense represented Carlyle's largest investment to that point.[16][17] Carlyle completed an IPO of United Defense on the New York Stock Exchange in December 2001, then sold the rest of the stock in April 2004.[18] In more recent years, Carlyle has invested less in the defense industry.[19]

Carlyle in the early 2000s edit

Carlyle's 2001 investor conference took place on September 11, 2001. In the weeks following the meeting, it was reported that Shafiq bin Laden, a member of the Bin Laden family, had been the "guest of honor", and that they were investors in Carlyle managed funds.[20][21][22][23][24] Later reports confirmed that the Bin Laden family had invested $2 million into Carlyle's $1.3 billion Carlyle Partners II Fund in 1995, making the family relatively small investors with the firm. However, their overall investment might have been considerably larger, with the $2 million committed in 1995 only being an initial contribution that grew over time.[25] These connections would later be profiled in Michael Moore's Fahrenheit 911. The Bin Laden family liquidated its holdings in Carlyle's funds in October 2001, just after the September 11 attacks, when the connection of their family name to the Carlyle Group's name became impolitic.[26]

Buyouts declined after the collapse of the dot-com bubble in 2000 and 2001. But after the two-stage buyout of Dex Media at the end of 2002 and 2003, large multibillion-dollar U.S. buyouts could once again obtain high-yield debt financing and larger transactions could be completed. Carlyle, together with Welsh, Carson, Anderson & Stowe, led a $7.5 billion buyout of QwestDex,[27] the third-largest corporate buyout since 1989.[28] QwestDex's purchase occurred in two stages: a $2.75 billion acquisition of assets known as Dex Media East in November 2002 and a $4.30 billion acquisition of assets known as Dex Media West in 2003.[29] R. H. Donnelley Corporation acquired Dex Media in 2006.[30] Shortly after Dex Media, other larger buyouts would be completed signaling a resurgence in private equity.

Lou Gerstner, former chairman and CEO of IBM and Nabisco, replaced Frank Carlucci as chairman of Carlyle in January 2003.[31][32][33] Gerstner would serve in that position through October 2008.[34][35] The hiring of Gerstner was intended to reduce the perception of Carlyle as a politically dominated firm.[36] At the time, Carlyle, which had been founded 15 years earlier, had accumulated $13.9 billion of assets under management and had generated annualized returns for investors of 36%.[33]

Carlyle also announced the $1.6 billion acquisition of Hawaiian Telcom from Verizon in May 2004.[37] Carlyle's investment was immediately challenged when Hawaii regulators delayed the closing of the buyout. The company also suffered billing and customer-service issues as it had to recreate its back-office systems. Hawaiian Telcom ultimately filed for bankruptcy in December 2008, costing Carlyle the $425 million it had invested in the company.[38]

 
Carlyle led the $15 billion buyout of Hertz in 2005

As the activity of the large private equity firms increased in the mid-2000s, Carlyle kept pace with such competitors as KKR, Blackstone Group, and TPG Capital. In 2005, Carlyle, together with Clayton, Dubilier & Rice and Merrill Lynch completed the $15.0 billion leveraged buyout of The Hertz Corporation, the largest car rental agency from Ford.[39][40]

The following year, in August 2006, Carlyle and its Riverstone Holdings affiliate partnered with Goldman Sachs Capital Partners in the $27.5 billion (including assumed debt) acquisition of Kinder Morgan, one of the largest pipeline operators in the US.[41] The buyout was backed by Richard Kinder, the company's co-founder and a former president of Enron.[42]

In September 2006, Carlyle led a consortium, comprising Blackstone Group, Permira and TPG Capital, in the $17.6 billion takeover of Freescale Semiconductor. At the time of its announcement, Freescale would be the largest leveraged buyout of a technology company ever, surpassing the 2005 buyout of SunGard. The buyers were forced to pay an extra $800 million because KKR made a last-minute bid as the original deal was about to be signed. Shortly after the deal closed in late 2006, cell phone sales at Motorola Corp., Freescale's former corporate parent and a major customer, began dropping sharply. In addition, in the recession of 2008–2009, Freescale's chip sales to automakers fell off, and the company came under great financial strain.[43][44]

Earlier that year, in January 2006, Carlyle together with Blackstone Group, AlpInvest Partners, Hellman & Friedman, KKR and Thomas H. Lee Partners acquired Nielsen Company, the global information and media company formerly known as VNU in an $8.9 billion buyout.[45][46][47] Also in 2006, Carlyle acquired Oriental Trading Company which ultimately declared bankruptcy in August 2010[48] as well as Forba Dental Management, the owner of Small Smiles Dental Centers, the largest US chain of dental clinics for children.[49]

Carlyle after the global financial crisis edit

In 2011, Carlyle acquired AlpInvest Partners in a joint venture with the firm's management, entering into a new line of business managing fund of funds, secondary investments and co-investments. Two years laters, in 2013 Carlyle acquires the remaining ownership stake in AlpInvest after which that business became a wholly-owned subsidiary.[50]

Since 2017 edit

In October 2017, The Carlyle Group announced that its founders would remain executive chairmen on the board of directors but step down as the day-to-day leaders of the firm; they named Glenn Youngkin and Kewsong Lee to succeed them, as co-CEOs, effective January 1, 2018.[51][52][53]

On October 2017, The Carlyle Group made a $500 million investment in the brand Supreme valuing the company at $1 billion. In 2020, the investment was acquired by VF Corporation, which owns The North Face, Timberland, and Vans for $2.1 billion.

On October 14, 2019, The Carlyle Group and private equity firm Stellex Capital Management announced it had completed the acquisition and merger of shipbuilder Vigor Industrial LLC, Portland, Ore., and MHI Holdings LLC, a ship repair and maintenance company based in Norfolk, Va. The terms of the deal were not disclosed.[54]

On June 2, 2020, The Carlyle Group and T&D Holdings reported that they had concluded their purchase of a 76.6% stake in Fortitude Group Holdings, the latter of which comprises Fortitude Re, and American International Company Inc.[55] Also in June 2020, Unison had been purchased by the Carlyle Group and Unison management strategic investment company.[56]

In September 2020, The Carlyle Group acquired a majority stake in Minneapolis-based sanitizing machine maker Victory Innovations. Terms of the deal were not disclosed.[57]

At the end of September 2020, Youngkin retired from the firm, stating his intention to focus on community and public service efforts; this left Lee as sole CEO.[58][59][60] Youngkin would later go on to be elected Governor of Virginia in the state's 2021 gubernatorial election.

In January 2021, The Carlyle Group acquired a majority stake in Jagex, a British video game development studio known for the massively multiplayer online game RuneScape.[61][62]

In March 2022, The Carlyle Group acquired Dainese - an Italian motorcycle kit and clothing company from Investcorp.[63] Following this in May 2022, The Carlyle Group announced the acquisition deal of US government contractor for cyber security and IT defence, ManTech International. The deal, worth $3.9 billion, will include the firm to buyout shares at $96 a share, representing a 32% premium to ManTech's closing price on February 2, 2022. The acquisition aimed to increase the firms steady stream of recurring revenue.[64]

In August 2022, The Carlyle Group acquired Abingworth, a transatlantic bioscience investment firm.[65]

In November 2022, it was announced The Carlyle Group has acquired the international marketing agency, Incubeta.[66]

In February 2023, Harvey Schwartz was appointed CEO of the group, replacing Kewsong Lee, who left the position abruptly the previous summer following a power struggle with the co-founders.[67]

In 2023, The Carlyle Group has invested in Anthesis Group a premier provider of sustainability services for businesses.

In September 2023, it was announced Carlyle initiated a tender offer to acquire the Tokyo-headquartered paper and ink chemicals manufacturer, Seiko PMC from its parent company DIC Corporation for $221 million.[68]

Ownership changes edit

For the first 25 years of its existence, Carlyle operated as a private partnership controlled by its investment partners. In 2001, the California Public Employees' Retirement System (CalPERS), which had been an investor in Carlyle managed funds since 1996, acquired a 5.5% holding in Carlyle's management company for $175 million.[69] The investment was valued at about $1 billion by 2007 at the height of the 2000s buyout boom.[70]

In September 2007, Mubadala Development Company, an investment vehicle for the government of Abu Dhabi of the United Arab Emirates, purchased a 7.5% stake for $1.35 billion.[70][71]

In February 2008, California legislators targeted Carlyle and Mubadala, proposing a bill that would have barred CalPERS from investing money "with private-equity firms that are partly owned by countries with poor records on human rights." The bill, which was intended to draw attention to the connection between Carlyle and Mubadala Development, was later withdrawn.[72]

In May 2012, Carlyle completed an initial public offering of the company, listing under the symbol CG on the NASDAQ. The firm, which at the time managed about $147 billion of assets, raised $671 million in the offering. Following the IPO, Carlyle's three remaining founding partners, Rubenstein, D'Aniello and Conway retained the position as the company's largest shareholders.[73]

In June 2017, Carlyle took its non-traded BDC, TCG BDC, Inc., public in the first business development company IPO since 2014.[74][75]

Senior leadership edit

  • Chairman: None (Daniel A. D'Aniello currently serves as chairman emeritus)
  • Chief Executive: Harvey Schwartz (since February 2023)

List of chairmen edit

  1. Frank Carlucci (1992–2003)
  2. Lou Gerstner (2003–2008)
  3. Daniel A. D'Aniello (2012–2018)

List of former chief executives edit

  1. William E. Conway Jr. and David M. Rubenstein (1987–2017)
  2. Kewsong Lee and Glenn Youngkin (2017–2020)
  3. Kewsong Lee (2020–2022)

Business segments edit

The firm is organized into three business segments:

  • Global Private Equity – Management of Carlyle's family of private equity funds investing primarily in leveraged buyout and growth capital transactions through a range of geographically focused investment funds. This segment also includes management of funds that pursue investments in real estate, infrastructure and energy and renewable resources.
  • Global Credit – Management of funds that pursue investments in distressed & special situations, direct lending, energy credit, loans & structured credit and opportunistic credit; and
  • Global Investment Solutions – Management of funds that invest in private equity and real estate fund of funds, co-investment and secondaries through its AlpInvest Partners subsidiary.

Corporate Private Equity edit

Carlyle's Corporate Private Equity division manages a series of leveraged buyout and growth capital investment funds with specific geographic or industry focuses. Carlyle invests primarily in the following industries: aerospace, defense & government services, consumer & retail, energy, financial services, health care, industrial, real estate, technology and business services, telecommunications & media, and transportation.

Carlyle's Corporate Private Equity segment advises 23 buyout and 10 growth capital funds, with $75 billion in Assets Under Management ("AUM") as of March 31, 2018.[76]

Real Assets edit

Carlyle's Real Assets segment advises 11 U.S. and internationally focused real estate funds, two infrastructure funds, two power funds, an international energy fund, and four Legacy Energy funds (funds that Carlyle jointly advises with Riverstone). The segment also includes nine funds advised by NGP. The Real Assets segment had about $44 billion in AUM as of March 31, 2018.[76]

Global Credit edit

Carlyle's Global Credit segment advises 53 funds that pursue investment opportunities across distressed and special situations, direct lending, energy credit, loans and structured credit and opportunistic credit. The Global Credit segment had about $34 billion in AUM as of March 31, 2018.[76]

Investment Solutions edit

Main article: AlpInvest Partners

Carlyle's Investment Solutions segment advises global private equity through its subsidiary, AlpInvest Partners. AlpInvest manages fund of funds programs and related Co-investments and Secondary investments across more than 340 fund vehicles. The Investment Solutions segment has approximately $63 billion of assets under management as of December 31, 2022.[76]

AlpInvest Partners
 
TypeSubsidiary
IndustryPrivate equity
Founded2000; 23 years ago (2000)
ProductsFund investments, Secondaries, Co-Investments, Alternative Credit
1,572,500,000 United States dollar (2022)  
1,225,000,000 United States dollar (2022)  
Total assets $63 billion (December 31, 2022)[77]
Number of employees
180 (2020) [78]
Websitewww.AlpInvest.com
Footnotes / references
+US$85 billion in capital since inception [79]

AlpInvest Partners is one of the largest private equity investment managers globally with over $63 billion under management as of December 31, 2022, invested alongside more than 325 private equity firms. Founded in 2000, AlpInvest had historically been the exclusive manager of private equity investments for the investment managers of two of the world's largest pension funds Stichting Pensioenfonds ABP (ABP) and Stichting Pensioenfonds Zorg en Welzijn (PFZW), both based in the Netherlands. In 2011, Carlyle acquired AlpInvest and has integrated the business, including its leading fund-of-funds and secondary platforms, significantly expanding Carlyle's global asset management business. Since its acquisition in 2011, AlpInvest has grown its investor base from its two original Dutch pension sponsors to more than 450 institutional investors globally.[80]

AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout, middle-market buyout, venture capital, growth capital, mezzanine, distressed and sustainable energy investments. New York, Amsterdam, London, Hong Kong, San Francisco, Indianapolis, Singapore and Tokyo with over 100 investment professionals and over 175 employees.

Carlyle had previously acquired a real estate fund of funds group, Metropolitan Real Estate, to provide investors with access to multi-manager real estate funds and strategies with more than 85 fund managers in the United States, Europe, Asia and Latin America. Metropolitan was sold in 2021 to BentallGreenOak.

Subsidiaries and joint-ventures edit

Carlyle has been actively expanding its investment activities and assets under management through a series of acquisitions and joint-ventures.[81]

Carlyle Capital Corporation edit

In March 2008, Carlyle Capital Corporation – established in August 2006[82] for the purpose of making investments in U.S. mortgage-backed securities – defaulted on about $16.6 billion of debt as the global credit crunch brought about by the subprime mortgage crisis worsened for leveraged investors. The Guernsey-based affiliate of Carlyle was very heavily leveraged, up to 32 times by some accounts, and it expected its creditors to seize its remaining assets.[83] Tremors in the mortgage markets induced several of Carlyle's 13 lenders to make margin calls or to declare Carlyle in default on its loans.[84] In response to the forced liquidation of mortgage-backed assets caused by the Carlyle margin calls and other similar developments in credit markets, on March 11, 2008, the Federal Reserve gave Wall Street's primary dealers the right to post mortgaged-back securities as collateral for loans of up to $200 billion in higher-grade, U.S. government-backed securities.[85]

On March 12, 2008, BBC News Online reported that "instead of underpinning the mortgage-backed securities market, it seems to have had the opposite effect, giving lenders an opportunity to dump the risky asset" and that Carlyle Capital Corp. "will collapse if, as expected, its lenders seize its remaining assets."[86] On March 16, 2008, Carlyle Capital announced that its Class A Shareholders had voted unanimously in favor of the Corporation filing a petition under Part XVI, Sec. 96, of the Companies Law (1994) of Guernsey[87] for a "compulsory winding up proceeding" to permit all its remaining assets to be liquidated by a court-appointed liquidator.[88]

The losses to the Carlyle Group due to the collapse of Carlyle Capital are reported to be "minimal from a financial standpoint".[89]

In September 2017, the court ruled that Carlyle had no liability in the lawsuit.[90]

In documentaries edit

Carlyle has been profiled in Michael Moore's Fahrenheit 9/11 and William Karel's The World According to Bush.

In Fahrenheit 9/11, Moore makes nine allegations concerning the Carlyle Group.[91] Moore focused on Carlyle's connections with George H. W. Bush and his Secretary of State James Baker, both of whom had at times served as advisers to the firm. The movie quotes author Dan Briody, who claimed that the Carlyle Group "gained" from the September 11 attacks because it owned military contractor United Defense.[19] A Carlyle spokesman noted in 2003 that its 7% interest in defense industries was far less than several other private equity firms.[92]

In The World According to Bush, William Karel interviewed Frank Carlucci to discuss the presence of Shafiq bin Laden, Osama bin Laden's estranged brother, at Carlyle's annual investor conference while the September 11 attacks were occurring.[21][22][23]

See also edit

References edit

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December 12, 2023
carlyle, group, multinational, private, equity, alternative, asset, management, financial, services, corporation, based, united, states, with, billion, assets, under, management, specializes, private, equity, real, assets, private, credit, largest, mega, funds. The Carlyle Group is a multinational private equity alternative asset management and financial services corporation based in the United States with 376 billion of assets under management It specializes in private equity real assets and private credit It is one of the largest mega funds in the world In 2015 Carlyle was the world s largest private equity firm by capital raised over the previous five years according to the PEI 300 index 2 In the 2023 ranking however it had slipped to fifth place 3 The Carlyle Group Inc TypePublicTraded asNasdaq CGS amp P 400 componentIndustryPrivate equityFounded1987 36 years ago 1987 FoundersWilliam E Conway Jr Stephen L NorrisDaniel A D AnielloDavid RubensteinGreg RosenbaumHeadquartersWashington D C U S Key peopleHarvey Schwartz CEO Daniel A D Aniello Chairman Emeritus William E Conway Jr Co Chairman David Rubenstein Co Chairman ProductsLeveraged buyoutsGrowth capitalEnergyEnergy lendingStructured creditReal estateRevenueUS 4 44 billion 2022 Operating incomeUS 1 57 billion 2022 Net incomeUS 1 23 billion 2022 AUMUS 373 billion 2022 Total assetsUS 21 4 billion 2022 Total equityUS 6 82 billion 2022 Number of employees2 100 2022 Websitecarlyle wbr comFootnotes references 1 Founded in 1987 in Washington D C by William E Conway Jr Stephen L Norris David Rubenstein Daniel A D Aniello and Greg Rosenbaum the company has nearly 1 850 employees in 26 offices on six continents as of December 2021 update On May 3 2012 Carlyle completed a US 700 million initial public offering and began trading on the NASDAQ stock exchange Contents 1 History 1 1 Founding and early history 1 2 Carlyle in the early 2000s 1 3 Carlyle after the global financial crisis 1 4 Since 2017 1 5 Ownership changes 2 Senior leadership 2 1 List of chairmen 2 2 List of former chief executives 3 Business segments 3 1 Corporate Private Equity 3 2 Real Assets 3 3 Global Credit 3 4 Investment Solutions 4 Subsidiaries and joint ventures 4 1 Carlyle Capital Corporation 5 In documentaries 6 See also 7 References 8 External linksHistory editFounding and early history edit Carlyle was founded in 1987 as an investment banking boutique by five partners with backgrounds in finance and government William E Conway Jr Stephen L Norris David Rubenstein Daniel A D Aniello and Greg Rosenbaum 4 The founding partners named the firm after the Carlyle Hotel in New York City named for Thomas Carlyle 5 where Norris and Rubenstein had planned the new investment business 6 Rubenstein a Washington based lawyer had worked in the Carter Administration 7 Norris and D Aneillo had worked together at Marriott Corporation Conway was a finance executive at MCI Communications Rosenbaum left in the first year 8 and Norris departed in 1995 6 9 Rubenstein Conway and D Aneillo remain active in the business Carlyle was founded with 5 million of financial backing from T Rowe Price Alex Brown amp Sons First Interstate Equities and the Richard King Mellon family 10 11 In the late 1980s Carlyle raised capital deal by deal to pursue leveraged buyout investments including a failed takeover battle for Chi Chi s 8 11 The firm raised its first dedicated buyout fund with 100 million of investor commitments in 1990 In its early years Carlyle also advised in transactions including in 1991 a 500 million investment in Citigroup by Prince Al Waleed bin Talal a member of the Saudi royal family 11 Carlyle developed a reputation for acquiring businesses related to the defense industry In 1992 Carlyle completed the acquisition of the Electronics division of General Dynamics Corporation renamed GDE Systems a producer of military electronics systems 12 Carlyle would sell the business to Tracor in October 1994 13 Carlyle acquired Magnavox Electronic Systems the military communications and electronic warfare systems segment of Magnavox from Philips Electronics in 1993 14 Carlyle sold Magnavox for about 370 million to Hughes Aircraft Company in 1995 Carlyle also invested in Vought Aircraft through a partnership with Northrop Grumman 15 Carlyle s most notable defense industry investment came in October 1997 with its acquisition of United Defense Industries The 850 million acquisition of United Defense represented Carlyle s largest investment to that point 16 17 Carlyle completed an IPO of United Defense on the New York Stock Exchange in December 2001 then sold the rest of the stock in April 2004 18 In more recent years Carlyle has invested less in the defense industry 19 Carlyle in the early 2000s edit Carlyle s 2001 investor conference took place on September 11 2001 In the weeks following the meeting it was reported that Shafiq bin Laden a member of the Bin Laden family had been the guest of honor and that they were investors in Carlyle managed funds 20 21 22 23 24 Later reports confirmed that the Bin Laden family had invested 2 million into Carlyle s 1 3 billion Carlyle Partners II Fund in 1995 making the family relatively small investors with the firm However their overall investment might have been considerably larger with the 2 million committed in 1995 only being an initial contribution that grew over time 25 These connections would later be profiled in Michael Moore s Fahrenheit 911 The Bin Laden family liquidated its holdings in Carlyle s funds in October 2001 just after the September 11 attacks when the connection of their family name to the Carlyle Group s name became impolitic 26 Buyouts declined after the collapse of the dot com bubble in 2000 and 2001 But after the two stage buyout of Dex Media at the end of 2002 and 2003 large multibillion dollar U S buyouts could once again obtain high yield debt financing and larger transactions could be completed Carlyle together with Welsh Carson Anderson amp Stowe led a 7 5 billion buyout of QwestDex 27 the third largest corporate buyout since 1989 28 QwestDex s purchase occurred in two stages a 2 75 billion acquisition of assets known as Dex Media East in November 2002 and a 4 30 billion acquisition of assets known as Dex Media West in 2003 29 R H Donnelley Corporation acquired Dex Media in 2006 30 Shortly after Dex Media other larger buyouts would be completed signaling a resurgence in private equity Lou Gerstner former chairman and CEO of IBM and Nabisco replaced Frank Carlucci as chairman of Carlyle in January 2003 31 32 33 Gerstner would serve in that position through October 2008 34 35 The hiring of Gerstner was intended to reduce the perception of Carlyle as a politically dominated firm 36 At the time Carlyle which had been founded 15 years earlier had accumulated 13 9 billion of assets under management and had generated annualized returns for investors of 36 33 Carlyle also announced the 1 6 billion acquisition of Hawaiian Telcom from Verizon in May 2004 37 Carlyle s investment was immediately challenged when Hawaii regulators delayed the closing of the buyout The company also suffered billing and customer service issues as it had to recreate its back office systems Hawaiian Telcom ultimately filed for bankruptcy in December 2008 costing Carlyle the 425 million it had invested in the company 38 nbsp Carlyle led the 15 billion buyout of Hertz in 2005As the activity of the large private equity firms increased in the mid 2000s Carlyle kept pace with such competitors as KKR Blackstone Group and TPG Capital In 2005 Carlyle together with Clayton Dubilier amp Rice and Merrill Lynch completed the 15 0 billion leveraged buyout of The Hertz Corporation the largest car rental agency from Ford 39 40 The following year in August 2006 Carlyle and its Riverstone Holdings affiliate partnered with Goldman Sachs Capital Partners in the 27 5 billion including assumed debt acquisition of Kinder Morgan one of the largest pipeline operators in the US 41 The buyout was backed by Richard Kinder the company s co founder and a former president of Enron 42 In September 2006 Carlyle led a consortium comprising Blackstone Group Permira and TPG Capital in the 17 6 billion takeover of Freescale Semiconductor At the time of its announcement Freescale would be the largest leveraged buyout of a technology company ever surpassing the 2005 buyout of SunGard The buyers were forced to pay an extra 800 million because KKR made a last minute bid as the original deal was about to be signed Shortly after the deal closed in late 2006 cell phone sales at Motorola Corp Freescale s former corporate parent and a major customer began dropping sharply In addition in the recession of 2008 2009 Freescale s chip sales to automakers fell off and the company came under great financial strain 43 44 Earlier that year in January 2006 Carlyle together with Blackstone Group AlpInvest Partners Hellman amp Friedman KKR and Thomas H Lee Partners acquired Nielsen Company the global information and media company formerly known as VNU in an 8 9 billion buyout 45 46 47 Also in 2006 Carlyle acquired Oriental Trading Company which ultimately declared bankruptcy in August 2010 48 as well as Forba Dental Management the owner of Small Smiles Dental Centers the largest US chain of dental clinics for children 49 Carlyle after the global financial crisis edit In 2011 Carlyle acquired AlpInvest Partners in a joint venture with the firm s management entering into a new line of business managing fund of funds secondary investments and co investments Two years laters in 2013 Carlyle acquires the remaining ownership stake in AlpInvest after which that business became a wholly owned subsidiary 50 Since 2017 edit In October 2017 The Carlyle Group announced that its founders would remain executive chairmen on the board of directors but step down as the day to day leaders of the firm they named Glenn Youngkin and Kewsong Lee to succeed them as co CEOs effective January 1 2018 51 52 53 On October 2017 The Carlyle Group made a 500 million investment in the brand Supreme valuing the company at 1 billion In 2020 the investment was acquired by VF Corporation which owns The North Face Timberland and Vans for 2 1 billion On October 14 2019 The Carlyle Group and private equity firm Stellex Capital Management announced it had completed the acquisition and merger of shipbuilder Vigor Industrial LLC Portland Ore and MHI Holdings LLC a ship repair and maintenance company based in Norfolk Va The terms of the deal were not disclosed 54 On June 2 2020 The Carlyle Group and T amp D Holdings reported that they had concluded their purchase of a 76 6 stake in Fortitude Group Holdings the latter of which comprises Fortitude Re and American International Company Inc 55 Also in June 2020 Unison had been purchased by the Carlyle Group and Unison management strategic investment company 56 In September 2020 The Carlyle Group acquired a majority stake in Minneapolis based sanitizing machine maker Victory Innovations Terms of the deal were not disclosed 57 At the end of September 2020 Youngkin retired from the firm stating his intention to focus on community and public service efforts this left Lee as sole CEO 58 59 60 Youngkin would later go on to be elected Governor of Virginia in the state s 2021 gubernatorial election In January 2021 The Carlyle Group acquired a majority stake in Jagex a British video game development studio known for the massively multiplayer online game RuneScape 61 62 In March 2022 The Carlyle Group acquired Dainese an Italian motorcycle kit and clothing company from Investcorp 63 Following this in May 2022 The Carlyle Group announced the acquisition deal of US government contractor for cyber security and IT defence ManTech International The deal worth 3 9 billion will include the firm to buyout shares at 96 a share representing a 32 premium to ManTech s closing price on February 2 2022 The acquisition aimed to increase the firms steady stream of recurring revenue 64 In August 2022 The Carlyle Group acquired Abingworth a transatlantic bioscience investment firm 65 In November 2022 it was announced The Carlyle Group has acquired the international marketing agency Incubeta 66 In February 2023 Harvey Schwartz was appointed CEO of the group replacing Kewsong Lee who left the position abruptly the previous summer following a power struggle with the co founders 67 In 2023 The Carlyle Group has invested in Anthesis Group a premier provider of sustainability services for businesses In September 2023 it was announced Carlyle initiated a tender offer to acquire the Tokyo headquartered paper and ink chemicals manufacturer Seiko PMC from its parent company DIC Corporation for 221 million 68 Ownership changes edit For the first 25 years of its existence Carlyle operated as a private partnership controlled by its investment partners In 2001 the California Public Employees Retirement System CalPERS which had been an investor in Carlyle managed funds since 1996 acquired a 5 5 holding in Carlyle s management company for 175 million 69 The investment was valued at about 1 billion by 2007 at the height of the 2000s buyout boom 70 In September 2007 Mubadala Development Company an investment vehicle for the government of Abu Dhabi of the United Arab Emirates purchased a 7 5 stake for 1 35 billion 70 71 In February 2008 California legislators targeted Carlyle and Mubadala proposing a bill that would have barred CalPERS from investing money with private equity firms that are partly owned by countries with poor records on human rights The bill which was intended to draw attention to the connection between Carlyle and Mubadala Development was later withdrawn 72 In May 2012 Carlyle completed an initial public offering of the company listing under the symbol CG on the NASDAQ The firm which at the time managed about 147 billion of assets raised 671 million in the offering Following the IPO Carlyle s three remaining founding partners Rubenstein D Aniello and Conway retained the position as the company s largest shareholders 73 In June 2017 Carlyle took its non traded BDC TCG BDC Inc public in the first business development company IPO since 2014 74 75 Senior leadership editChairman None Daniel A D Aniello currently serves as chairman emeritus Chief Executive Harvey Schwartz since February 2023 List of chairmen edit Frank Carlucci 1992 2003 Lou Gerstner 2003 2008 Daniel A D Aniello 2012 2018 List of former chief executives edit William E Conway Jr and David M Rubenstein 1987 2017 Kewsong Lee and Glenn Youngkin 2017 2020 Kewsong Lee 2020 2022 Business segments editThe firm is organized into three business segments Global Private Equity Management of Carlyle s family of private equity funds investing primarily in leveraged buyout and growth capital transactions through a range of geographically focused investment funds This segment also includes management of funds that pursue investments in real estate infrastructure and energy and renewable resources Global Credit Management of funds that pursue investments in distressed amp special situations direct lending energy credit loans amp structured credit and opportunistic credit and Global Investment Solutions Management of funds that invest in private equity and real estate fund of funds co investment and secondaries through its AlpInvest Partners subsidiary Corporate Private Equity edit Carlyle s Corporate Private Equity division manages a series of leveraged buyout and growth capital investment funds with specific geographic or industry focuses Carlyle invests primarily in the following industries aerospace defense amp government services consumer amp retail energy financial services health care industrial real estate technology and business services telecommunications amp media and transportation Carlyle s Corporate Private Equity segment advises 23 buyout and 10 growth capital funds with 75 billion in Assets Under Management AUM as of March 31 2018 76 Real Assets edit Carlyle s Real Assets segment advises 11 U S and internationally focused real estate funds two infrastructure funds two power funds an international energy fund and four Legacy Energy funds funds that Carlyle jointly advises with Riverstone The segment also includes nine funds advised by NGP The Real Assets segment had about 44 billion in AUM as of March 31 2018 76 Global Credit edit Carlyle s Global Credit segment advises 53 funds that pursue investment opportunities across distressed and special situations direct lending energy credit loans and structured credit and opportunistic credit The Global Credit segment had about 34 billion in AUM as of March 31 2018 76 Investment Solutions edit Main article AlpInvest Partners Carlyle s Investment Solutions segment advises global private equity through its subsidiary AlpInvest Partners AlpInvest manages fund of funds programs and related Co investments and Secondary investments across more than 340 fund vehicles The Investment Solutions segment has approximately 63 billion of assets under management as of December 31 2022 76 AlpInvest Partners nbsp TypeSubsidiaryIndustryPrivate equityFounded2000 23 years ago 2000 ProductsFund investments Secondaries Co Investments Alternative CreditOperating income1 572 500 000 United States dollar 2022 nbsp Net income1 225 000 000 United States dollar 2022 nbsp Total assets nbsp 63 billion December 31 2022 77 Number of employees180 2020 78 Websitewww AlpInvest comFootnotes references US 85 billion in capital since inception 79 AlpInvest Partners is one of the largest private equity investment managers globally with over 63 billion under management as of December 31 2022 invested alongside more than 325 private equity firms Founded in 2000 AlpInvest had historically been the exclusive manager of private equity investments for the investment managers of two of the world s largest pension funds Stichting Pensioenfonds ABP ABP and Stichting Pensioenfonds Zorg en Welzijn PFZW both based in the Netherlands In 2011 Carlyle acquired AlpInvest and has integrated the business including its leading fund of funds and secondary platforms significantly expanding Carlyle s global asset management business Since its acquisition in 2011 AlpInvest has grown its investor base from its two original Dutch pension sponsors to more than 450 institutional investors globally 80 AlpInvest pursues investment opportunities across the entire spectrum of private equity including large buyout middle market buyout venture capital growth capital mezzanine distressed and sustainable energy investments New York Amsterdam London Hong Kong San Francisco Indianapolis Singapore and Tokyo with over 100 investment professionals and over 175 employees Carlyle had previously acquired a real estate fund of funds group Metropolitan Real Estate to provide investors with access to multi manager real estate funds and strategies with more than 85 fund managers in the United States Europe Asia and Latin America Metropolitan was sold in 2021 to BentallGreenOak Subsidiaries and joint ventures editCarlyle has been actively expanding its investment activities and assets under management through a series of acquisitions and joint ventures 81 Carlyle Capital Corporation edit In March 2008 Carlyle Capital Corporation established in August 2006 82 for the purpose of making investments in U S mortgage backed securities defaulted on about 16 6 billion of debt as the global credit crunch brought about by the subprime mortgage crisis worsened for leveraged investors The Guernsey based affiliate of Carlyle was very heavily leveraged up to 32 times by some accounts and it expected its creditors to seize its remaining assets 83 Tremors in the mortgage markets induced several of Carlyle s 13 lenders to make margin calls or to declare Carlyle in default on its loans 84 In response to the forced liquidation of mortgage backed assets caused by the Carlyle margin calls and other similar developments in credit markets on March 11 2008 the Federal Reserve gave Wall Street s primary dealers the right to post mortgaged back securities as collateral for loans of up to 200 billion in higher grade U S government backed securities 85 On March 12 2008 BBC News Online reported that instead of underpinning the mortgage backed securities market it seems to have had the opposite effect giving lenders an opportunity to dump the risky asset and that Carlyle Capital Corp will collapse if as expected its lenders seize its remaining assets 86 On March 16 2008 Carlyle Capital announced that its Class A Shareholders had voted unanimously in favor of the Corporation filing a petition under Part XVI Sec 96 of the Companies Law 1994 of Guernsey 87 for a compulsory winding up proceeding to permit all its remaining assets to be liquidated by a court appointed liquidator 88 The losses to the Carlyle Group due to the collapse of Carlyle Capital are reported to be minimal from a financial standpoint 89 In September 2017 the court ruled that Carlyle had no liability in the lawsuit 90 In documentaries editCarlyle has been profiled in Michael Moore s Fahrenheit 9 11 and William Karel s The World According to Bush In Fahrenheit 9 11 Moore makes nine allegations concerning the Carlyle Group 91 Moore focused on Carlyle s connections with George H W Bush and his Secretary of State James Baker both of whom had at times served as advisers to the firm The movie quotes author Dan Briody who claimed that the Carlyle Group gained from the September 11 attacks because it owned military contractor United Defense 19 A Carlyle spokesman noted in 2003 that its 7 interest in defense industries was far less than several other private equity firms 92 In The World According to Bush William Karel interviewed Frank Carlucci to discuss the presence of Shafiq bin Laden Osama bin Laden s estranged brother at Carlyle s annual investor conference while the September 11 attacks were occurring 21 22 23 See also editThe Carlyle Group companies category Arbusto EnergyReferences edit Carlyle Group 2022 Form 10 K United States Securities and Exchange Commission February 9 2023 PEI 300 Private Equity International June 2015 Retrieved June 24 2015 PEI 300 Private Equity International June 2023 Retrieved June 2 2023 Vise David A October 5 1987 Area Merchant Banking Firm Formed The Washington Post Retrieved August 21 2020 Our Story The Carlyle A Rosewood Hotel www rosewoodhotels com Retrieved August 6 2022 a b Mintz John January 9 1995 Founder Going Beyond the Carlyle Group The Washington Post Retrieved August 21 2020 Eizenstat Stuart E 2018 President Carter The White House Years St Martin s Publishing Group p 99 ISBN 978 1 250 10457 1 a b Farhi Paul June 6 1988 Chi Chi s Bid Won D C Investment Firm Wall Street s Attention The Washington Post Thornton Emily February 12 2007 Carlyle Changes Its Stripes BusinessWeek Archived from the original on February 28 2007 Carlucci Takes Job at Carlyle Group The New York Times January 30 1989 Retrieved August 21 2020 a b c Gilpin Kenneth N March 26 1991 Little Known Carlyle Scores Big The New York Times Retrieved August 21 2020 General Dynamics Sells Unit To Private Group The New York Times October 6 1992 Retrieved August 21 2020 Tracor To Buy GDE Systems From Carlyle Group The New York Times October 14 1994 Retrieved August 21 2020 Philips To Sell Magnavox Electronic Systems The New York Times July 28 1993 Retrieved August 21 2020 Hughes Aircraft Sets Purchase of Magnavox for 370 Million The New York Times September 12 1995 Retrieved August 21 2020 Pasztor Andy August 27 1997 Carlyle Beats General Dynamics In Bidding for United Defense The Wall Street Journal Retrieved August 21 2020 Gilpin Kenneth N August 27 1997 Military Contractor Sold to Buyout Firm The New York Times Retrieved August 21 2020 United Defense Industries GlobalSecurity org July 31 2005 Retrieved October 22 2008 a b Pratley Nils February 15 2005 Fahrenheit 9 11 had no effect says Carlyle chief The Guardian Alterman Eric Green Mark J 2004 The Book on Bush How George W Mis leads America Penguin ISBN 978 1 1012 0081 0 Retrieved February 22 2014 The extremely influential Carlyle Group has arranged similar gatherings during the previous fourteen years beneath the radar of most of the mass media between former politicians like Bush James Baker John Major former World Bank treasurer Afsaneh Masheyekhi and interested parties looking for some extremely expensive high powered lobbying services On September 11 2001 the Group happened to be hosting a conference at a Washington hotel Among the guest of honor investor Shafiq bin Laden another brother to Osama a b Glassman James K June 2006 Big Deals David Rubenstein and His Partners Have Made Billions With the Carlyle Group the World s Hottest Private Equity Firm How Have They Made All That Money Why Are They in Washington PDF The Washingtonian Archived from the original PDF on September 10 2008 Retrieved February 22 2014 a b The Carlyle Group C for Capitalism The Economist June 26 2003 Archived from the original on December 12 2005 Retrieved February 22 2014 On the day Osama bin Laden s men attacked America Shafiq bin Laden described as an estranged brother of the terrorist was at an investment conference in Washington DC along with two people who are close to President George Bush his father the first President Bush and James Baker the former secretary of state who masterminded the legal campaign that secured Dubya s move to the White House a b Vulliamy Ed May 16 2002 Dark heart of the American dream The Guardian Archived from the original on September 17 2008 Retrieved February 22 2014 On 11 September while Al Qaeda s planes slammed into the World Trade Center and the Pentagon the Carlyle Group hosted a conference at a Washington hotel Among the guests of honour was a valued investor Shafiq bin Laden brother to Osama Chossudovsky Michel April 13 2013 Is Kissing a State Sponsor of Terrorism a Terrorist Act Political Satire NSNBC Archived from the original on May 2 2013 Retrieved February 22 2014 There is nothing wrong therefore in socializing and doing business with family members of terror mastermind Osama bin Laden including the late Salem bin Laden and Shafiq bin Laden of the Carlyle Group Bin Laden Family Is Tied To U S Group The Wall Street Journal September 27 2001 Eichenwald Kurt October 26 2001 Bin Laden Family Liquidates Holdings With Carlyle Group The New York Times Archived from the original on April 21 2008 Retrieved August 21 2020 Carlyle and Welsh snap up QwestDex Private Debt Investor October 24 2002 Retrieved April 9 2018 Heath Thomas June 3 2011 Carlyle Group is ready for its close up The Washington Post ISSN 0190 8286 Retrieved April 9 2018 Qwest to Sell Directories Business for 7 Billion Los Angeles Times August 20 2002 ISSN 0458 3035 Retrieved April 9 2018 R H Donnelley Buys Dex Media MediaDailyNews October 4 2005 Retrieved April 9 2018 Lohr Steve November 22 2002 Gerstner to Be Chairman of Carlyle Group The New York Times ISSN 0362 4331 Retrieved April 9 2018 Scannell Kara Bulkeley William M November 22 2002 IBM s Gerstner to Join Carlyle As Investment Firm s Chairman The Wall Street Journal Retrieved August 21 2020 a b Gerstner to Be Carlyle Group Chairman Former IBM Chief Brings Long List of Contacts to Private Equity Firm The Washington Post November 22 2002 Executive Profile Louis V Gerstner Jr Bloomberg com Retrieved April 9 2018 de la Merced Michael J August 19 2008 Leader of the Carlyle Group to Leave Post in September The New York Times ISSN 0362 4331 Retrieved April 9 2018 Sender Henny August 25 2003 The Man Behind the Curtain at Carlyle Group The Wall Street Journal Retrieved August 21 2020 Verizon Sells Hawaiian Unit For 1 6 Billion The New York Times May 22 2004 Retrieved August 21 2020 Lattman Peter December 2 2008 Carlyle s Bet on Telecom in Hawaii Ends Badly The Wall Street Journal Retrieved August 21 2020 Sorkin Andrew Ross Hakim Danny September 8 2005 Ford Said to Be Ready to Pursue a Hertz Sale The New York Times Retrieved August 21 2020 Peters Jeremy W September 13 2005 Ford Completes Sale of Hertz to 3 Firms The New York Times Retrieved August 21 2020 Kumar B 2012 Mega Mergers and Acquisitions Case Studies from Key Industries 1st ed New York Springer p 177 ISBN 978 1 137 00589 2 Mouawad Jad August 29 2006 Kinder Morgan Agrees to an Improved Buyout Offer Led by Its Chairman The New York Times Retrieved August 21 2020 Carey David Morris John E 2010 King of Capital New York Crown Publishers pp 231 235 ISBN 978 0 3074 5299 3 Sorkin Andrew Ross Flynn Laurie J September 16 2006 Blackstone Alliance to Buy Chip Maker for 17 6 Billion The New York Times Retrieved August 21 2020 Goldsmith Charles March 8 2006 VNU Shareholders Reject 8 9 Bln Offer From KKR Group Update2 Bloomberg Archived from the original on January 17 2009 Retrieved October 16 2015 Pfanner Eric Timmons Heather January 17 2006 Buyout Bid For Parent of Nielsen The New York Times Retrieved August 21 2020 VNU Agrees To Public Offer From Private Equity Group PDF Press release VNU N V and Valcon Acquisition B V March 8 2006 Archived from the original PDF on November 16 2008 McCarty Dawn August 25 2010 Oriental Trading Co Files for Bankruptcy in Delaware Bloomberg Retrieved September 28 2010 Portfolio Forba LLC The Carlyle Group Archived from the original on August 29 2008 Carlyle Buys Remaining 40 of AlpInvest as It Diversifies Bloomberg Jun 3 2013 Banerjee Devin October 25 2017 Carlyle s Billionaire Founders Hand Reins to New Leaders Bloomberg News Retrieved February 21 2021 Gottfried Miriam October 27 2017 Carlyle s Next Generation A Deal Whiz and a Homegrown Quarterback Wall Street Journal Retrieved February 21 2021 Grant Kinsey October 25 2017 Carlyle Group Co CEOs Rubenstein Conway Stepping Down TheStreet com Retrieved February 21 2021 Vigor acquisition and merger completed Workboat October 15 2019 Retrieved October 15 2019 The Carlyle Group and T amp D Holdings Complete Acquisition of Majority Interest in Fortitude Group Holdings from AIG BusinessWire June 2 2020 Retrieved June 12 2020 The Carlyle Group Partners with management to acquire Unison from Abry Partners Private Equity Wire June 30 2020 Retrieved July 6 2020 Aeppel Timothy September 16 2020 Carlyle buys disinfecting machine maker stake in COVID 19 bet Reuters Retrieved September 17 2020 Wiggi Kaye Vandevelde Mark July 21 2020 Carlyle co chief Glenn Youngkin to step down Financial Times Archived from the original on December 10 2022 Retrieved February 21 2021 Lewis Adam July 21 2020 Carlyle co CEO Glenn Youngkin to retire leaving reins to Kewsong Lee PitchBook Retrieved February 21 2021 Louch William July 21 2020 Carlyle Co CEO Glenn Youngkin to Step Down Wall Street Journal Retrieved February 20 2021 Field Matthew January 22 2021 Buyout fund Carlyle to swoop for Cambridge RuneScape studio Jagex The Daily Telegraph Archived from the original on January 12 2022 Retrieved January 25 2021 Taylor Moline January 25 2021 Runescape is now owned by the world s second largest private equity firm PC Gamer Retrieved January 25 2021 Hancocks Simon SOLD Dainese acquired by Carlyle Group for 630 million Visordown Retrieved March 17 2022 Carlyle Agrees to Buy US Government Contractor ManTech for 3 9 Billion Bloomberg May 17 2022 Retrieved May 17 2022 Carlyle s acquisition of Abingworth brings 2 billion to fuel life science investments Fierce Biotech April 12 2022 Retrieved February 22 2023 Wilkinson Sol November 16 2022 Global Investment Firm Carlyle to Acquire International Marketing Agency Incubeta PerformanceIN Retrieved November 16 2022 Gara Antoine Franklin Joshua Fontanella Khan James February 8 2023 Street fighter Harvey Schwartz takes the helm at rudderless Carlyle Financial Times Sebastian September 4 2023 Carlyle Group to Acquire Seiko PMC in 221m Deal Private Equity Insights Retrieved September 5 2023 Scannell Kara February 2 2001 Deals amp Deal Makers Calpers Buys 5 Stake in Carlyle Group For 175 Million Invests in Some Funds The Wall Street Journal Retrieved August 21 2020 a b Heath Thomas September 21 2007 Government of Abu Dhabi Buys Stake in Carlyle The Washington Post Archived from the original on October 14 2008 Sorkin Andrew Ross September 21 2007 Carlyle to Sell Stake to a Mideast Government The New York Times Retrieved August 21 2020 Kasler Dale April 9 2008 Bill limiting CalPERS CalSTRS investments withdrawn The Sacramento Bee Archived from the original on February 15 2009 Zuckerman Gregory Cowan Lynn May 2 2012 Carlyle Prices IPO at Lower Range The Wall Street Journal Retrieved August 21 2020 TCG BDC Inc BDC Stocks Retrieved July 3 2017 TCG BDC Inc Prices Public Offering The Carlyle Group June 13 2017 Retrieved July 3 2017 a b c d Carlyle Group Form 10 Q Quarterly Report March 2018 PDF U S Securities and Exchange Commission Archived from the original PDF on May 8 2018 Source Carlye Group website Archived 2013 10 29 at the Wayback Machine About us 62 billion and 300 general partners About us Carvalho Stanley April 8 2019 Carlyle to buy up to 4 8 billion stake in Cepsa from Abu Dhabi s Mubadala Reuters Retrieved April 8 2019 Carlyle Capital Corporation Intends to File for Compulsory Winding up in Guernsey TradingMarkets com March 16 2008 Archived from the original on March 28 2008 Stevenson Reed March 13 2008 Carlyle Capital in default on brink of collapse Reuters Heath Thomas March 11 2008 Carlyle Founders Consider Cash Infusion The Washington Post Andrews Edmund L March 12 2008 Fed Hopes to Ease Strain on Economic Activity The New York Times Archived from the original on December 20 2013 Hedge fund on verge of collapse BBC News Online March 13 2008 The Companies Guernsey Laws 1994 To 1996 As Amended PDF TridentTrust Archived from the original PDF on September 10 2008 Carlyle Capital Corporation Intends To File For Compulsory Winding Up In Guernsey Carlyle Capital Corporation Limited March 16 2008 Archived from the original on December 25 2008 Hall Jessica March 14 2008 CCC s Woes Seen as Small Blemish for Carlyle Group Reuters DeJarnette Jordan Carlyle executives exonerated over collapsed bond fund Financial Times Archived from the original on December 10 2022 Moore Michael Factual Back Up for Fahrenheit 9 11 Section Four MichaelMoore com Archived from the original on June 27 2009 Doward Jamie May 23 2003 Ex presidents club gets fat on conflict The Observer Retrieved August 21 2020 Colvin Geoffrey Charan Ram November 27 2006 Private equity private lives CNN Money Archived from the original on April 7 2013 Private Equity Firms Directory of Private Equity Firms Archived from the original on July 3 2015 Briody Dan 2003 The Iron Triangle Inside the Secret World of the Carlyle Group Hoboken N J John Wiley amp Sons ISBN 0 471 28108 5 Golden Daniel Bandler James Walker Marcus September 27 2001 Bin Laden Family Could Profit From a Jump In Defense Spending Due to Ties to U S Bank The Wall Street Journal Archived from the original on September 27 2001 External links edit nbsp Wikimedia Commons has media related to The Carlyle Group Official website Mubadala Development Company Carlyle Group Mergr Profile Business data for The Carlyle Group BloombergGoogleReutersSEC filingsYahoo Portals nbsp Companies nbsp United States Retrieved from https en wikipedia org w index php title The Carlyle Group amp oldid 1187698049, wikipedia, wiki, book, books, library,

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