Carlyle's corporate private equity
business has been one of the largest investors in leveraged buyout
transactions over the decade 2004–2014 (or perhaps 2000–2010),
Carlyle has invested in Accolade Wines
, Booz Allen Hamilton
, PA Consulting
, Dex Media
, Dunkin' Brands
, Freescale Semiconductor
, Getty Images
, HCR ManorCare
, Kinder Morgan
, United Defense
, and other companies.
Founding and early history
In the late 1980s, Carlyle raised capital deal-by-deal to pursue leveraged buyout
investments, including a failed takeover battle for Chi-Chi's
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.
weapon, developed by United Defense
, Carlyle's largest investment in the defense industry, was cancelled in May 2002
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.
Carlyle would sell the business to Tracor
in October 1994.
Carlyle acquired Magnavox Electronic Systems
, the military communications and electronic-warfare systems segment of Magnavox, from Philips Electronics
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
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.
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.
In more recent years, Carlyle has invested less in the defense industry.
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.
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.
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.
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,
the third-largest corporate buyout since 1989.
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. R. H. Donnelley Corporation
acquired Dex Media in 2006.
Shortly after Dex Media, other larger buyouts would be completed signaling a resurgence in private equity.
, former chairman and CEO of IBM
, replaced Frank Carlucci
as chairman of Carlyle in January 2003.
Gerstner would serve in that position through October 2008.
The hiring of Gerstner, was intended to reduce the perception of Carlyle as a politically dominated firm.
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%.
Carlyle also announced the $1.6 billion acquisition of Hawaiian Telcom
in May 2004.
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.
Carlyle led the $15 billion buyout of Hertz
In September 2006, Carlyle led a consortium, comprising Blackstone Group
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.
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.
On 2 June 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.
Also in June 2020, Unison had been purchased by the Carlyle Group and Unison management strategic investment company.
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.
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.
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
), which had been an investor in Carlyle managed funds since 1996, acquired a 5.5% holding in Carlyle's management company for $175 million.
The investment was valued at about $1 billion by 2007 at the height of the 2000s buyout boom.
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.
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.
In June 2017, Carlyle took its non-traded BDC, TCG BDC, Inc., public in the first business development company IPO since 2014.
The firm is organized into four business segments:
- Corporate 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;
- Real Assets – 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
- Investment Solutions – Management of funds that invest in private equity and real estate fund of funds, co-investment and secondaries.
Corporate Private Equity
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
& government services, consumer & retail, energy, financial services, health care
, industrial, real estate
, technology and business services
, 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.
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.
Carlyle's Global Credit segment advises 53 funds that pursue investment opportunities across distressed & special situations, direct lending, energy credit, loans & structured credit and opportunistic credit. The Global Credit segment had about $34 billion in AUM as of March 31, 2018.
Carlyle's Investment Solutions segment advises global private equity (AlpInvest Partners) and real estate (Metropolitan) fund of funds programs and related co-investment and secondary activities across 209 fund vehicles. The Investment Solutions segment had about $49 billion AUM as of March 31, 2018.
is one of the largest private equity investment managers globally with over €38 billion under management
as of March 31, 2018, invested alongside more than 250 private equity firms. Founded in 2000, AlpInvest has 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.
Carlyle's real estate fund of funds group is called Metropolitan, which provides 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 constructs and manages U.S., non-U.S. and global real estate portfolios, which include primary and secondary fund interests as well as co-investments.
Subsidiaries and joint-ventures
Carlyle has been actively expanding its investment activities and assets under management through a series of acquisitions and joint-ventures.
Carlyle Capital Corporation
In March 2008, Carlyle Capital Corporation – established in August 2006
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.
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.
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.
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."
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
for a "compulsory winding up proceeding" to permit all its remaining assets to be liquidated by a court-appointed liquidator.
The losses to the Carlyle Group due to the collapse of Carlyle Capital are reported to be "minimal from a financial standpoint".
In September 2017 the court ruled that Carlyle had no liability in the lawsuit.
In Fahrenheit 9/11
, Moore makes nine allegations concerning the Carlyle Group.
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
A Carlyle spokesman noted in 2003 that its 7% interest in defense industries was far less than several other private equity firms
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