The Carlyle Group

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The Carlyle Group, L.P.
Company typePublic
Nasdaq: CG
IndustryPrivate equity
Founded1987
FounderWilliam E. Conway, Jr.
Daniel A. D'Aniello
David M. Rubenstein
Headquarters
1001 Pennsylvania Avenue
Washington, D.C., United States
Key people
Daniel A. D'Aniello
(Chairman)
William E. Conway, Jr.
(Co-CEO)
David M. Rubenstein
(Co-CEO)
ProductsManagement buyouts
Real estate
Leveraged finance
Venture capital and growth capital
RevenueIncrease US$ 2.961 billion (December 2012)[1]
1,572,500,000 United States dollar (2022) Edit this on Wikidata
Increase US$ 2.158 billion (December 2012)[1]
AUMIncreaseUS$170 billion (December 2012)[1]
Total assetsIncrease US$ 31.567 billion (December 2012)[1]
Number of employees
1,400 [1]
Websitewww.carlyle.com

The Carlyle Group is an American-based global asset management firm, specializing in private equity, based in Washington, D.C. The Carlyle Group operates in four business areas: private equity, real assets, market strategies and fund of funds, through its AlpInvest subsidiary.

Carlyle's private equity business has been one of the largest investors in leveraged buyout transactions over the last decade, while its real estate business has actively acquired commercial real estate. Since its inception, Carlyle has completed investments in such notable companies as Booz Allen Hamilton, Dex Media, Dunkin' Brands, Freescale Semiconductor, Getty Images, HCR Manor Care, Hertz, Kinder Morgan, Nielsen and United Defense.

As of December 31, 2012, Carlyle had $170 billion in assets under management across 113 funds and 67 fund of fund vehicles. The firm has more than 1,400 employees including 650 investment professionals, with offices in 33 countries globally. Carlye has investments in over 200 companies and more than 250 real estate investments. Carlyle’s portfolio companies employ more than 650,000 people worldwide. The firm has over 1,500 limited partners in 75 countries.[1]

According to a 2011 ranking called the PEI 300 based on capital raised over the last five years, Carlyle was ranked as the third largest private equity firm in the world.[2] Carlyle had been ranked first in the 2007 listing.[3]

Business segments

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 Carlyle's family of real estate investment funds focusing on the US, Europe and Asia;
  • Global Market Strategies - Management of various credit, equities and hedge fund vehicles with over $30 billion in assets under management; and
  • Fund of funds solutions –Carlyle’s AlpInvest subsidiary manages approximately $45 billion of assets focusing on fund of funds, secondaries and co-investments for institutional investors

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 and defense, automotive, consumer and retail, energy and power, health care, real estate, technology and business services, telecommunications and media, and transportation.

Carlyle began investing in Corporate Private Equity in 1990 and since inception Carlyle has invested $53 billion of capital in 449 investments. Geographically, Carlyle has invested in three regions: (i) the Americas (222 investments, 58% of capital), (ii) Europe, the Middle East and Africa (102 investments, 23% of capital), (iii) Asia-Pacific (125 investments, 19% of capital).[1]

As of December 31, 2012, Carlyle managed 31 active funds with $53 billion in assets under management consisting of[1]:

  • Buyout funds - Carlyle manages a group of 21 active funds with approximately $49 billion in assets under management as of December 31, 2012. [1]
  • Growth capital funds – Carlyle manages 10 active growth capital funds with approximately $4 billion in assets under management as of December 31, 2012. [1]

Real assets

Carlyle’s Real Assets division, manages 17 active investment funds focused on real estate, infrastructure and energy and renewable resources. The division also includes 8 funds managed by Carlyle’s subsidiary NGP Energy Capital Management.[1] The real assets business has three primary areas of focus:

  • Real estate funds – Carlyle manages 10 active real estate funds with approximately $13 billion in assets under management as of December 31, 2012. Carlyle has made over 525 investments, including office buildings, residential properties, hotels, retail properties, industrial properties and senior living facilities, in 137 cities globally as of December 31, 2012.[1]
  • Infrastructure funds – Carlyle has approximately $1 billion in assets under management as of December 31, 2012.[1]
  • Energy & Renewable Resources – Through its joint venture with Riverstone, Carlyle manages 6 active funds with approximately $14 billion in assets under management as of December 31, 2012.[1]

Global Market Strategies

Carlyle’s Global Market Strategies division manages 57 investment across a range of investments including credit, emerging markets, macroeconomic strategies, commodities trading, leveraged loans, structured credit and mezzanine debt.

As of December 31, 2012, the Global Market Strategies division had $33 billion of assets under management across several strategies.

  • Structured Credit funds – Carlyle manages 39 investment funds, including CLOs with approximately $17 billion in assets under management as of December 31, 2012.[1]
  • Distressed and Corporate Opportunities – Carlyle manages 3 funds focused on investments in distressed debt, with approximately $2 billion in assets under management as of December 31, 2012.[1]
  • Mezzanine – Carlyle manages 2 funds focused on mezzanine debt investments in middle market companies with approximately $700 million in assets under management as of December 31, 2012.[1] Carlyle also manages a fund focused on mezzanine debt investments in energy and power projects in North America with $1 billion of assets under management as of December 31, 2012.[1]
  • Long / Short Credit funds – Carlyle manages approximately $X billion in assets under management as of December 31, 2012.[1]
  • Long / Short Credit – Carlyle’s Claren Road Asset Management subsidiary manages two hedge funds focused on credit investments with approximately $7 billion in assets under management as of December 31, 2012.[1]
  • Emerging Markets and Macroeconomic Strategies – Carlyle’s Emerging Sovereign Group subsidiary manages 7 hedge funds with approximately $3 billion in assets under management as of December 31, 2012.[1]
  • Commodities – Carlyle’s Vermillion subsidiary manages 3 investment funds with approximately $2 billion in assets under management as of December 31, 2012.[1]

Fund of funds solutions

AlpInvest Partners
Company typePrivate
IndustryPrivate Equity
HeadquartersAmsterdam, Netherlands
ProductsFund investments, Secondaries, Co-Investments, Mezzanine
1,572,500,000 United States dollar (2022) Edit this on Wikidata
1,225,000,000 United States dollar (2022) Edit this on Wikidata
Total assets€35 billion ($45 billion)
Websitewww.AlpInvest.com
Main article: AlpInvest Partners

AlpInvest Partners is one of the largest private equity investment managers globally with over €42 billion (approximately $55 billion) under management at the end of 2009, invested alongside more than 250 private equity firms. Founded in 1999, 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 January 2011, Carlyle announced the acquisition of AlpInvest. The acquisition will add a leading fund-of-funds and secondary platform, significantly expanding Carlyle's global asset management business.

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.

The firm also invests through a range of private equity investment channels, which include: new fund commitments, secondary market purchases, equity co-investments and mezzanine investments. AlpInvest invests primarily in private equity limited partnerships and effectively acts as a fund investor, making commitments to private equity funds globally. Between 2000 and 2010, AlpInvest made 389 fund investments managed by 226 different general partners.[4] AlpInvest will invest with these firms either by making commitments to new investment funds or by purchasing funds through the private equity secondary market. AlpInvest is one of the largest private equity fund investors and is also among the largest and most active and experienced investors in private equity secondaries. The Secondary Investments team acquires or restructures portfolios of private equity assets ranging in size from €1 million to more than €1 billion.[4] AlpInvest also invests directly alongside some of the largest private equity investors through an active co-investment program and will make mezzanine debt investments into companies owned by financial sponsors.[5]

AlpInvest has offices in New York, Amsterdam, Hong Kong and London with over 70 investment professionals and over 115 employees.

History

History of private equity
and venture capital
Early history
(origins of modern private equity)
The 1980s
(leveraged buyout boom)
The 1990s
(leveraged buyout and the venture capital bubble)
The 2000s
(dot-com bubble to the credit crunch)
The 2010s
(expansion)
The 2020s
(COVID-19 recession)

Carlyle was founded in 1987 as an investment banking boutique by five original partners with backgrounds in finance and government: William E. Conway, Jr., Stephen L. Norris, David M. Rubenstein, Daniel A. D'Aniello and Greg Rosenbaum.[6] The founding partners named the firm after the Carlyle Hotel in New York City where Norris and Rubenstein had often met to discuss the formation of their new investment business.[7] Rubenstein, who was a Washington-based lawyer, had worked in the Carter Administration. Norris and D'Aneillo had previously worked together at Marriott Corporation while Conway was a finance executive at MCI Communications. Of the founding five partners Rubenstein, Conway and D'Aneillo remain active in the business while Rosenbaum left in the first year[8] and Norris departed in 1995.[7][9] 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]

File:Carlyle Group historical logo.png
Carlyle Group Historical Logo

In the late 1980s, Carlyle raised capital on a deal-by-deal basis 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 is early years, Carlyle also advised in transactions including a $500 million investment by Prince Al-Waleed bin Talal in Citigroup in 1991.[11]

Carlyle initially 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 later 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 approximaely $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.[16] Carlyle was able to complete an IPO of United Defense on the New York Stock Exchange in December 2001 selling a significant portion of its interest in the company. Carlyle completed a sale of its remaining United Defense stock and exited the investment in April 2004.[17] In more recent years, Carlyle has deemphasized its focus on defense industry investments.[18]

In 2001, the California Public Employees' Retirement System (CalPERS) acquired a 5.5% holding in Carlyle's management company for $175 million. The investment was valued at approximately $1 billion by 2007 at the height of the 2000s buyout boom.[19]

Lou Gerstner, former chairman and CEO of IBM and Nabisco, was appointed chairman of Carlyle in January 2003 and served in that position through October 2008. Gerstner remains with Carlyle as a senior advisor.

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.[19]

In November 2008, The Carlyle Group was named Private Equity firm of the year in the U.S. at the Financial Times-Mergermarket 2008 M&A Awards.[20]

In 2000, Carlyle entered into a joint venture with Riverstone Holdings, an energy and power focused private equity firm founded by former Goldman Sachs investment bankers. In March 2009, New York State and federal authorities began an investigation into payments made by Carlyle and Riverstone to placement agents allegedly made in exchange for investments from the New York State Common Retirement System, the state's pension fund. It was alleged that these payments were in fact bribes or kickbacks, made to pension officials who have been under investigation by New York State Attorney General, Andrew Cuomo.[21] In May 2009, Carlyle agreed to pay $20 million in a settlement with Cuomo and accepted changes to its fundraising practices.[22]

In October 2012, Carlyle Group sold its remaining 3.7% stake in Housing Development Finance Corporation for a fee of around $841 million.[23]

Current portfolio and major acquisitions

Noted current and former portfolio companies include Dex Media, the former directories business of Qwest Communications; Willcom, a Japanese wireless company; Casema, a Dutch cable company; and Insight Communications, the ninth largest cable company in the U.S. The Carlyle Group was once a major investor in US Investigations Services, which is the privatized arm of the United States Office of Personnel Management's Office of Federal Investigations, but has since divested itself, selling its stake to Providence Equity Partners in 2007.[citation needed]

In March 2006, Carlyle acquired UC4 Software and became a majority shareholder in the company.

In 2006 Carlyle acquired 68 percent interest in Oriental Trading Company which declared bankruptcy in August 2010.[24]

2004–present

In July 2004, Carlyle formed DHS Technologies LLC, when it became a major investor in DHS Systems, the manufacturer of Deployable Rapid Assembly Shelter, or DRASH, military shelters and support equipment, and Reeves EMS emergency medical supplies.[25]

In September 2006, Carlyle acquired Forba Dental Management, the owner of Small Smiles Dental Centers, the largest US chain of dental clinics for children.[26]

On January 29, 2007, Carlyle announced that it would acquire Synagro Technologies, Inc, which according to Synagro's website is "the largest recycler of biosolids and other organic residuals in the United States". The total enterprise value of the transaction, including the assumption of debt, is $772 million.[27]

On June 28, 2007, Carlyle announced that it would partner with Onex Corporation to buy the Allison Transmission unit from General Motors for $5.6 billion.[28]

In June 2007, Carlyle agrees to acquire HD Supply for $10.3 billion, along with Bain Capital and Clayton, Dubilier & Rice (with each agreeing to buy a one-third stake in the division). Home Depot sold their wholesale construction supply business to fund a stock repurchase estimated at $40 billion

On July 28, 2007, Carlyle announced the acquisition of Applus+ from its shareholders Agbar, Unión Fenosa and Caja Madrid for an enterprise value of €1,480 million.[29]

On December 18, 2007, David Rubenstein, representing the Carlyle Group, purchased the Magna Carta (one of seventeen copies) at Sotheby's Auction House in New York City. He paid the Perot Foundation $21.3 million. Mr. Rubenstein expressed his intent for it to be returned to the National Archives for display.

On May 16, 2008, Booz Allen Hamilton announced that it would sell a majority stake in the US government business to The Carlyle Group for $2.54 billion. The transaction was expected to be complete July 31, 2008.[30]

In February 2008, a US Senate bill was introduced that would increase the regulation of nursing homes such as those run by HCR Manor Care which Carlyle purchased in December 2007.[31]

Also in February 2008, a bill was introduced in California that would have barred CalPERS from investing money "with private-equity firms that are partly owned by countries with poor records on human rights," which would include Carlyle because Mubadala Development is owned by part of the United Arab Emirates. The California bill was later withdrawn.[32]


On August 2008, Carlyle Group bought IRIS Unified Ag through FRS Global.

On October 16, 2009, Carlyle Group bought Metaldyne - a global automotive components supplier.[33]

On September 4, 2011, the carpet manufacturer Brintons announced that it had been acquired by the Carlyle Group.[34]

On October 3, 2011, the pharmaceutical contract research organisation PPD announced that it had been acquired by the Carlyle Group.[35]

In November 2012, the Carlyle Group unveiled the first investment of its new Sub-Saharan African Fund. Carlyle is part of a small group of investors that will inject $210 million into Export Trading Group, a Tanzania-based agricultural company that sources commodities from Africa's small farmers and sells those goods to China, India and elsewhere.[36]

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 Group Affiliated Businesses[1]

Carlyle Capital Corporation

In March 2008, Carlyle Capital Corporation, established in August 2006[37] 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 expects its creditors to seize its remaining assets.[38] 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.[39] 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.[40] 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."[41] 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[42] for a "compulsory winding up proceeding" to permit all its remaining assets to be liquidated by a court appointed liquidator.[43]

The losses to the Carlyle Group due to the collapse of Carlyle Capital are reported to be "minimal from a financial standpoint".[44]


Carlyle in the Media

Documentaries

Carlyle has been profiled in two notable documentaries, Michael Moore's Fahrenheit 911 and William Karel's The World According to Bush.

In Fahrenheit 911, Moore makes nine allegations concerning the Carlyle Group, including: That the Bin Laden and Bush families were both connected to the Group; that following the attacks on September 11, the bin Laden family’s investments in the Carlyle Group became an embarrassment to the Carlyle Group and the family was forced to liquidate their assets with the firm; that the Carlyle group was, in essence, the 11th largest defense contractor in the United States.[45] Moore focused on Carlyle's connections with George H. W. Bush and his Secretary of State James A. Baker III, both of whom had at times served as advisers to the firm.

The movie quotes author Dan Briody claiming that the Carlyle Group "gained" from September 11 because it owned United Defense, a military contractor, although the firm’s $11 billion Crusader artillery rocket system developed for the U.S. Army is one of the few weapons systems canceled by the Bush administration.[18] A Carlyle spokesman noted in 2003 that its 7% interest in defense industries was far less than several other Private equity firms.[46] Carlyle also has provided detail on its links with the Bin Laden family, specifically the relatively minor investments by an estranged half brother.[47]

In his documentary The World According to Bush (May 2004), 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.[47][48]

Zeitgeist The Movie makes similar claims that The Carlyle Group may have played a part in 9/11.[citation needed]

The Iron Triangle also talks about links with the Bin Laden family; the documentary makes claims that Carlyle bought political favor to get investment dollars and arms sales to the middle east.[49]

Notable employees and advisors

The following is a list of both current and former employees and advisors.

Business

Political figures

North America
Europe
Asia
  • Anand Panyarachun, former Prime Minister of Thailand (twice), former member of the Carlyle Asia Advisory Board until the board was disbanded in 2004
  • Fidel V. Ramos, former president of the Philippines, Carlyle Asia Advisor Board Member until the board was disbanded in 2004
  • Peter Chung, former associate at Carlyle Group Korea, who resigned in 2001 after 2 weeks on the job after his infamous email scandal [52]
  • Thaksin Shinawatra, former Prime Minister of Thailand (twice), former member of the Carlyle Asia Advisory Board until 2001 when he resigned upon being elected Prime Minister.[53]

Media

  • Norman Pearlstine - editor-in-chief of Time magazine from (1995–2005), senior advisor telecommunications and media group 2006-

See also

References

  1. ^ a b c d e f g h i j k l m n o p q r s t u v w [ http://www.sec.gov/Archives/edgar/data/1527166/000119312513107699/d447222d10k.htm Carlyle Group Form 10-K Annual Report for the Year ended December 31, 2012].
  2. ^ "PEI 300". Private Equity International. 2011. Retrieved 25 May 2011. {{cite web}}: Unknown parameter |month= ignored (help)
  3. ^ "PEI 50" (PDF). Private Equity International. 2007. p. 2. Retrieved 23 July 2010. {{cite web}}: Unknown parameter |month= ignored (help)
  4. ^ a b Carlyle Group annual report
  5. ^ LPs Seeking Co-investment Opportunities in Emerging Markets (Emerging Markets Private Equity, Quarterly Review Q4 2006). Page 13.
  6. ^ David A. Vise, "Area Merchant Banking Firm Formed," Washington Post, Oct. 5, 1987, F33
  7. ^ a b John Mintz, "Founder Going Beyond the Carlyle Group," Washington Post, Jan. 9, 1995, F9
  8. ^ a b Paul Farhi, "Chi-Chi's Bid Won D.C. Investment Firm Wall Street's Attention," Washington Post, June 6, 1988, F1
  9. ^ Thornton, Emily "Carlyle Changes Its Stripes," BusinessWeek, February 12, 2007
  10. ^ Carlucci Takes Job at Carlyle Group. New York Times, January 30, 1989
  11. ^ a b c [Little-Known Carlyle Scores Big]. New York Times, March 26, 1991
  12. ^ [GENERAL DYNAMICS SELLS UNIT TO PRIVATE GROUP]. New York Times, October 6, 1992
  13. ^ [TRACOR TO BUY GDE SYSTEMS FROM CARLYLE GROUP]. New York Times, October 14, 1994
  14. ^ [PHILIPS TO SELL MAGNAVOX ELECTRONIC SYSTEMS]. New York Times, July 28, 1993
  15. ^ [Hughes Aircraft Sets Purchase Of Magnavox for $370 Million]. New York Times, September 12, 1995
  16. ^ [Carlyle Beats Out Dynamics for United Defense]. New York Times, August 27, 1997
  17. ^ United Defense Industries. GlobalSecurity.org, July 31, 2005. Retrieved October 22, 2008.
  18. ^ a b Pratley, Nils. Fahrenheit 9/11 had no effect, says Carlyle chief, The Guardian, February 15, 2005.
  19. ^ a b Heath, Thomas. "Government of Abu Dhabi Buys Stake in Carlyle." Washington Post, September 21, 2007, page D01.
  20. ^ [1]
  21. ^ "NY Cuomo: Tainted deals included Carlyle Group" Reuters, March 19, 2009
  22. ^ Carlyle Pays $20 Million to Resolve Inquiry. New York Times, May 20, 2009
  23. ^ Reuters (5 October 2012). "Deals of the day -- mergers and acquisitions". Reuters. {{cite news}}: |author= has generic name (help)
  24. ^ McCarty, Dawn (2010-08-25). "Oriental Trading Co. Files for Bankruptcy in Delaware". Bloomberg. Retrieved 2010-09-28.
  25. ^ The Carlyle Group: The Big Boys of Private Equity Defense Ventures
  26. ^ Carlyle Group website, healthcare portfolio, http://www.carlyle.com/Portfolio/item7490.html
  27. ^ "The Carlyle Group to Acquire Synagro Technologies for $5.76 Per Share" 2007-01-29
  28. ^ Reuters/Yahoo! News: "GM selling Allison for $5.6 billion," 2007-06-28
  29. ^ "Carlyle Group acquires Applus," 2007-07-28
  30. ^ http://www.boozallen.com/news/39856120?o9002123=&lpid=66005
  31. ^ Heath, Thomas. "Pair of Proposals Take Aim at Carlyle Group." Washington Post, February 15, 2008.
  32. ^ Kasler, Dale. "Bill limiting CalPERS, CalSTRS investments withdrawn." Sacramento Bee, April 9, 2008.
  33. ^ http://www.metaldyne.com/metaldyne/sections/newsroom/documents/2009-10-16-Metaldyne-Press-Release.pdf
  34. ^ "Brintons carpets acquired in deal of about £40m". BBC News. September 4, 2011.
  35. ^ http://investor.ppdi.com/releasedetail.cfm?ReleaseID=610217
  36. ^ Carlyle Group to Make Africa Investment, United States: Wall Street Journal, 2012
  37. ^ Carlyle Capital Corporation Intends to File for Compulsory Winding up in Guernsey
  38. ^ Carlyle Capital in default, on brink of collapse - Reuters
  39. ^ Washington Post "Carlyle Group Holding 'Crisis' Talks in N.Y.," 03-10-08
  40. ^ 'Fed Hopes to Ease Strain on Economic Activity' 03-11-08
  41. ^ "Hedge fund on verge of collapse". BBC News Online. 13 March 2008.
  42. ^ Companies Law of Guernsey (1994)
  43. ^ "Carlyle Capital Corporation Intends To File For Compulsory Winding Up In Guernsey" Carlyle Capital Corporation New Release, March 16, 2008
  44. ^ Jessica Hall, Dane Hamilton (March 14, 2008). "CCC's Woes Seen as Small Blemish for Carlyle Group". Reuters.
  45. ^ Moore, Michael "Factual Back-Up for Fahrenheit 9/11: Section Four" michaelmoore.com
  46. ^ Doward, Jamie (2003-05-23). "'Ex-presidents club' gets fat on conflict". The Observer.
  47. ^ a b Glassman, James K. "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?"Washingtonian, June 2006.
  48. ^ The Carlyle Group. Economist, Jun 26th 2003
  49. ^ "The Iron Triangle".
  50. ^ Nick Clarck, Carlyle poaches Olivier Sarkozy, The Independent, 4 March 2008 Template:En icon
  51. ^ [Darman Gets a New Job]. New York Times, February 25, 1993
  52. ^ CBS News
  53. ^ [2]

Further reading

External links

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