The Carlyle Group

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The Carlyle Group, L.P.
Public
Traded as NASDAQCG
Industry Private equity
Founded 1987
Headquarters Washington, D.C., United States
Key people
Daniel A. D'Aniello
(Chairman)
William E. Conway, Jr.
(Co-CEO)
David M. Rubenstein
(Co-CEO)
Glenn A. Youngkin
(Co-President and Co-COO)
Curtis L. Buser
(CFO)
Products Leveraged buyouts
growth capital
energy
energy lending
structured credit
real estate
Revenue E_2014 />
Increase US$ 962 million (2014)[1]
AUM Increase US$ 194 billion (2014)[1]
Total assets Increase US$ 35.994 billion (2014)[1]
Number of employees
1,650 [1]
Website www.carlyle.com

The Carlyle Group is a prominent American global asset management firm, specializing in private equity, based in Washington, D.C. As one of the largest alternative investment firms in the world, The Carlyle Group operates in four business areas: corporate private equity, real assets, global market strategies, and investment solutions.

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

As of March 31, 2015, Carlyle had $193 billion in assets under management across 130 funds and 156 fund of fund vehicles. The firm has more than 1,650 employees including 700 investment professionals, with 40 offices across six continents. Carlyle has investments in more than 200 companies and more than 250 real estate investments. Carlyle’s portfolio companies employ more than 675,000 people worldwide. The firm has more than 1,650 limited partners in 78 countries.

According to a 2015 ranking called the PEI 300 based on capital raised over the last five years, Carlyle was ranked No. 1 as the largest private equity firm in the world.[2]

Business segments[edit]

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 energy and 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 $37 billion in assets under management; and
  • Investment Solutions – Management of three investment groups: Corporate Private Equity, Real Estate and Liquid Market Solutions, which invest in primary, secondary and co-investments, commingled funds and separately managed accounts.

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 began investing in Corporate Private Equity in 1990 and since inception has invested $62.5 billion of capital in 497 investments.

As of March 31, 2015, Carlyle managed 32 active funds with $64 billion in assets under management consisting of:[3]

  • Buyout funds – Carlyle manages a group of 22 active funds with approximately $58 billion in assets under management as of March 31, 2015.[3]
  • Growth capital funds – Carlyle manages 10 active growth capital funds with approximately $5 billion in assets under management as of March 31, 2015.[3]

Real Assets[edit]

Carlyle's Real Assets division manages 28 active investment funds focused on real estate, natural resources and energy. The Real Assets business has three primary areas of focus:

  • Real Estate funds – Carlyle manages 9 active real estate funds with approximately $14 billion in assets under management as of March 31, 2015.[3]
  • Natural Resources - Carlyle manages 14 natural resources funds with more than $20 billion in assets under management as of March 31, 2015[3] including 10 funds advised by Carlyle energy affiliate NGP Energy Capital Management; one infrastructure fund; two power funds; and one international energy fund.
  • Legacy Energy - Through its joint venture with Riverstone Holdings, Carlyle manages five active funds with more than $9 billion in assets under management as of March 31, 2015.[3]

Global Market Strategies[edit]

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.[4]
  • 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.[4]
  • 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.[4] 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.[4]
  • Long / Short Credit funds – Carlyle manages approximately $X billion in assets under management as of December 31, 2012.[4]
  • 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.[4]
  • 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.[4]
  • Commodities – Carlyle's Vermillion subsidiary manages 3 investment funds with approximately $2 billion in assets under management as of December 31, 2012.[4]

Investment Solutions[edit]

AlpInvest Partners
Private
Industry Private Equity
Headquarters Amsterdam, Netherlands
Products Fund investments, Secondaries, Co-Investments, Mezzanine
Total assets $49 billion
Website www.AlpInvest.com
Main article: AlpInvest Partners

AlpInvest Partners is one of the largest private equity investment managers globally with over $49 billion under management as of March 31, 2015, 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 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.

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. AlpInvest has offices in New York, Amsterdam and Hong Kong with over 75 investment professionals and over 130 employees.

Carlyle's real estate fund of funds group is called Metropolitan, which provides investors with access to multi-manager real estate funds and solutions 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.

DGAM is Carlyle's liquid solutions team. DGAM provides investors access to an array of proprietary and third-party hedge funds around the world. DGAM works to manage the complexities of alternative asset classes with a complementary blend of investment and operations expertise.

History[edit]

Founding and early history[edit]

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.[5] 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.[6] 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[7] and Norris departed in 1995.[6][8] 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.[9][10]

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.[7][10] 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 a $500 million investment by Prince Al-Waleed bin Talal, a member of the Saudi royal family, in Citigroup in 1991.[10]

The Crusader weapon system, developed by United Defense, Carlyle's largest investment in the defense industry, was cancelled in May 2002[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 approximately $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.[11][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]

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.[19][20][21][22][23] 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.[24] 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.[25]

2002–2006[edit]

The Carlyle Group Logo

Following the collapse of the Dot-com bubble in 2000 and 2001, buyout activity declined significantly. Marked by the two-stage buyout of Dex Media at the end of 2002 and 2003, large multi-billion dollar U.S. buyouts could once again obtain significant 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 buyout was 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 the resurgence in private equity was underway.

Lou Gerstner, former chairman and CEO of IBM and Nabisco, was appointed chairman of Carlyle in January 2003, replacing Frank Carlucci. Gerstner would serve in that position through October 2008.[26][27] The hiring of Gerstner, was intended to reduce the perception of Carlyle as a politically dominated firm.[28] 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%.[27]

Carlyle also announced the $1.6 billion acquisition of Hawaiian Telcom from Verizon in May 2004.[29] 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.[30]

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 Kohlberg Kravis Roberts, 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.[31][32]

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. The buyout was backed by Richard Kinder, the company's co-founder and a former president of Enron.[33]

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.[34][35]

Earlier that year, in January 2006, Carlyle together with Blackstone Group, AlpInvest Partners, Hellman & Friedman, Kohlberg Kravis Roberts and Thomas H. Lee Partners acquired Nielsen Company, the global information and media company formerly known as VNU in an $8.9 billion buyout.[36][37][38] Also in 2006, Carlyle acquired Oriental Trading Company which ultimately declared bankruptcy in August 2010[39] as well as Forba Dental Management, the owner of Small Smiles Dental Centers, the largest US chain of dental clinics for children.[40]

Since 2007[edit]

David Rubenstein, the head of the Carlyle Group, the largest private equity firm (by investor commitments) during the 2006–07 buyout boom.[41]

On January 28, 2007, the Carlyle group purchased Synagro Technologies, a municipal sludge hauler and spreader, for $5.76 per share.[42]

Carlyle continued to make large investments into 2007 as the buyout market reached its peak. 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. Also in June 2007, Carlyle announced that it would partner with Onex Corporation to buy the Allison Transmission unit from General Motors for $5.6 billion.[43]

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.[44]

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.[45]

In March 2009, New York State and federal authorities began an investigation into payments made by Carlyle's Riverstone Holdings subsidiary to placement agents allegedly made in exchange for investments from the New York State Common Retirement System, the state's pension fund. In 2000, Carlyle had entered into a joint venture with Riverstone Holdings, an energy and power focused private equity firm founded by Pierre F. Lapeyre, Jr. and David M. Leuschen.[46] 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.[47] In May 2009, Carlyle agreed to pay $20 million in a settlement with Cuomo and accepted changes to its fundraising practices.[48]

On October 16, 2009, Carlyle Group bought Metaldyne – a global automotive components supplier.[49]

On November 30, 2009, David Rosendall, a Synagro executive was sentenced for conspiring to commit bribery, in the corruption scandal which eventually brought down the mayor City of Detroit.[50] The executive for the Carlyle subsidiary was caught giving cash to Detroit city leadership.[51]

On September 4, 2011, the carpet manufacturer Brintons announced that it had been acquired by the Carlyle Group.[52]

On October 3, 2011, the pharmaceutical contract research organisation PPD announced that it had been acquired by the Carlyle Group.[53]

In August 2012, Carlyle Group announced that it would purchase DuPont Performance Coatings (DPC) for $4.9 billion in cash.[54] DPC is a global supplier of vehicle and industrial coating systems. The transaction closed in the first quarter of 2013 and the new company was named Axalta Coating Systems.[55]

In October 2012, Carlyle Group sold its remaining 3.7% stake in Housing Development Finance Corporation for a fee of around $841 million.[56]

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.[57]

January 2013, Carlyle Group began talks to sell Synagro after plowing over $500,000 in 2012 to keep the entity afloat.[58]

April 23, 2013, Carlyle Groups subsidiary, Synagro Technologies, filed for Chapter 11 bankruptcy, and in lieu of sale, a reorganization and sale of the company to an affiliate of Swedish private-equity firm EQT. The offer price was set at $460 million, over $300 million less than what Carlyle group originally purchased the entity for in 2007.[59]

In September 2013, it was announced that Carlyle Group has purchased a minority stake in Beats Music for $500m.[60] This came as technology firm, HTC, liquidated their 24.84% stake in Beats for $265m.[61]

In February 2014, The Carlyle Group acquired Diversified Global Asset Management (DGAM),[62] a manager of hedge funds with more than USD6.7bn in managed and advised assets. Equity for the transaction came from Carlyle’s balance sheet. DGAM became Carlyle’s fund of hedge funds platform, and George Main and Warren Wright continued in their roles as CEO and CIO, respectively, managing investments and the day-to-day operations of DGAM[63][64][65]

In February 2014, Carlyle entered into exclusive talks with Tyco International to acquire its South Korean security systems unit, valued at around $2 billion.[66] On March 3, 2014 Carlyle announced it had reached a deal with Tyco to purchase its South Korean security business for approximately $1.9 billion in cash.[67]

In March 2014, Carlyle acquired ECi Software Solutions, a business management and e-commerce software company.[68]

In June 2014, Carlyle announced that it had raised $1 billion for financial company investing.[69]

In July 2014, Carlyle Group LP sold a London property to Blackstone Group for $514 million.[70]

In September 2014, Carlyle Group closed its fourth Asia fund at $3.9 billion. it is the second-largest private equity fund ever raised for Asia investments.[71]

In October 2014, Carlyle announced it would acquire a controlling stake in six power plants in the south eastern US state of Georgia worth $2 billion.[72]

In December 2014, Carlyle Group announced its chief accounting officer Curtis Buser would become the company's next chief financial officer.[73]

In August 2015, Carlyle acquired Symantec’s data storage business, Veritas Software, for $8 billion.[74]

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.[75] The investment was valued at approximately $1 billion by 2007 at the height of the 2000s buyout boom.[76]

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.[76][77]

In February 2008, California legislators targeted Carlyle and Mubdala, 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.[78]

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 approximately $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.[79]

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.

Carlyle Capital Corporation[edit]

In March 2008, Carlyle Capital Corporation, established in August 2006[80] 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.[81] 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.[82] 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.[83]

On 12 March 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."[84] 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[85] for a "compulsory winding up proceeding" to permit all its remaining assets to be liquidated by a court appointed liquidator.[86]

The losses to the Carlyle Group due to the collapse of Carlyle Capital are reported to be "minimal from a financial standpoint".[87]

In documentaries[edit]

Carlyle has been profiled in two notable documentaries: 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.[88] 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, who claimed that the Carlyle Group "gained" from the September 11 attacks 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.[89] Carlyle also has provided detail on its links with the Bin Laden family, specifically the relatively minor investments by an estranged half brother.[citation needed]

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.[20][90]

Notable employees and advisors[edit]

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

Business[edit]

Politicians[edit]

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[94]
  • Fidel V. Ramos, former president of the Philippines, Carlyle Asia Advisor Board Member until the board was disbanded in 2004[94]
  • Peter Chung, former associate at Carlyle Group Korea, who resigned in 2001 after 2 weeks on the job after an inappropriate e-mail to friends was circulated around the world[95][96]
  • 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.[97]

Media[edit]

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

See also[edit]

References[edit]

  1. ^ a b c d "CG_CRE_2014" (PDF). The Carlyle Group. Retrieved 13 March 2015. 
  2. ^ "PEI 300". Private Equity International. June 2015. Retrieved 24 June 2015. 
  3. ^ a b c d e f DeJarnette, Jordan. "2015 CG 10Q". 
  4. ^ a b c d e f g h Carlyle Group Form 10-K Annual Report for the Year ended December 31, 2012.
  5. ^ David A. Vise, "Area Merchant Banking Firm Formed," Washington Post, Oct. 5, 1987, F33
  6. ^ a b John Mintz, "Founder Going Beyond the Carlyle Group," Washington Post, Jan. 9, 1995, F9
  7. ^ a b Paul Farhi, "Chi-Chi's Bid Won D.C. Investment Firm Wall Street's Attention," Washington Post, June 6, 1988, F1
  8. ^ Thornton, Emily "Carlyle Changes Its Stripes," BusinessWeek, February 12, 2007
  9. ^ "Carlucci Takes Job at Carlyle Group". New York Times, January 30, 1989
  10. ^ a b c "Little-Known Carlyle Scores Big". New York Times, March 26, 1991
  11. ^ a b "Carlyle Beats Out Dynamics for United Defense". Wall Street Journal, August 27, 1997
  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. ^ "Military Contractor Sold to Buyout Firm". 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. ^ Eric Alterman, Mark J. Green (2004). The Book on Bush: How George W. (Mis)leads America. Penguin. ISBN 9781101200810. Retrieved 2014-02-22. 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 Worl 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 Shafig bin Laden, another brother to Osama. 
  20. ^ a b James K. Glassman (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. Retrieved February 2014. 
  21. ^ "The Carlyle Group: C for Capitalism". The Economist. 2003-06-26. Archived from the original on 2005-12-12. Retrieved 2014-02-22. 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. 
  22. ^ Ed Vulliamy (2002-05-16). "Dark heart of the American dream". The Guardian. Archived from the original on 2008-09-17. Retrieved 2014-02-22. 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: Shafig bin Laden, brother to Osama. 
  23. ^ Michel Chossudovsky (2013-04-13). "Is Kissing a "State Sponsor of Terrorism" a "Terrorist Act"? Political Satire". NSNBC. Archived from the original on 2013-05-02. Retrieved 2014-02-22. 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. 
  24. ^ "Bin Laden Family Is Tied To U.S. Group". Wall Street Journal, September 27, 2001
  25. ^ "Bin Laden Family Liquidates Holdings With Carlyle Group". New York Times, October 26, 2001
  26. ^ [IBM's Gerstner To Join Carlyle As Chairman]. Wall Street Journal, November 22, 2002
  27. ^ 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
  28. ^ [The Man Behind the Curtain at Carlyle Group --- Despite All the Powerful Names, Little-Known David Rubenstein Drives Its Fund-Raising Success]. Wall Street Journal, August 25, 2003
  29. ^ [VERIZON SELLS HAWAIIAN UNIT FOR $1.6 BILLION]. New York Times, May 22, 2004
  30. ^ Carlyle's Bet on Telecom in Hawaii Ends Badly. Wall Street Journal, December 2, 2008
  31. ^ ANDREW ROSS SORKIN and DANNY HAKIM. "Ford Said to Be Ready to Pursue a Hertz Sale." New York Times, September 8, 2005
  32. ^ PETERS, JEREMY W. "Ford Completes Sale of Hertz to 3 Firms." New York Times, September 13, 2005
  33. ^ MOUAWAD, JAD. "Kinder Morgan Agrees to an Improved Buyout Offer Led by Its Chairman." New York Times, August 29, 2006.
  34. ^ King of Capital, 231-235
  35. ^ Sorkin, Andrew Ross and Flynn, Laurie J. "Blackstone Alliance to Buy Chip Maker for $17.6 Billion." New York Times, September 16, 2006
  36. ^ VNU Shareholders Reject $8.9 Bln Offer From KKR Group. Bloomberg, March 8, 2006
  37. ^ Buyout Bid For Parent Of Nielsen. New York Times, January 17, 2006
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External links[edit]