Editing The Carlyle Group (section)

==History==
{{history of private equity and venture capital}}

===Founding and early history===
Carlyle was founded in 1987 as a [[boutique investment bank]] 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]].<ref>{{cite news|last=Vise|first=David A.|date=October 5, 1987|title=Area Merchant Banking Firm Formed|newspaper=[[The Washington Post]]|url=https://www.washingtonpost.com/archive/business/1987/10/05/area-merchant-banking-firm-formed/c567202c-e8ed-409a-8c08-d552e1857844/|access-date=August 21, 2020}}</ref> The founding partners named the firm after the [[Carlyle Hotel]] in [[New York City]] (named for [[Thomas Carlyle]])<ref>{{Cite web |title=Our Story {{!}} The Carlyle, A Rosewood Hotel |url=https://www.rosewoodhotels.com/en/the-carlyle-new-york/overview/our-story |access-date=August 6, 2022 |website=www.rosewoodhotels.com |language=en}}</ref> where Norris and Rubenstein had planned the new investment business.<ref name="goingbeyond">{{cite news|last=Mintz|first=John|date=January 9, 1995|title=Founder Going Beyond the Carlyle Group|newspaper=The Washington Post|url=https://www.washingtonpost.com/archive/business/1995/01/09/founder-going-beyond-the-carlyle-group/7149a5b8-29e0-4422-a46c-21fd0c42d2eb/|access-date=August 21, 2020}}</ref>  Rubenstein, a [[Washington, D.C.|Washington]]-based lawyer, had worked in the [[Carter Administration]].<ref>{{Cite book |last=Eizenstat |first=Stuart E. |title=President Carter: The White House Years |publisher=St. Martin's Publishing Group |year=2018 |isbn=978-1-250-10457-1 |pages=99 |language=en}}</ref>  Norris and D'Aneillo had worked together at [[Marriott Corporation]];<ref>{{Cite news |last=Gilpin |first=Kenneth N. |date=1991-03-26 |title=Little-Known Carlyle Scores Big |url=https://www.nytimes.com/1991/03/26/business/little-known-carlyle-scores-big.html |access-date=2024-05-22 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> Conway was a finance executive at [[MCI Communications]].  Rosenbaum left in the first year<ref name="chichi">{{cite news|last=Farhi|first=Paul|date=June 6, 1988|title=Chi-Chi's Bid Won D.C. Investment Firm Wall Street's Attention|newspaper=The Washington Post}}</ref> and Norris departed in 1995.<ref name="goingbeyond" /><ref>{{cite web|last=Thornton|first=Emily|date=February 12, 2007|title=Carlyle Changes Its Stripes|url=http://www.businessweek.com/magazine/content/07_07/b4021001.htm|archive-url=https://web.archive.org/web/20070228163811/http://www.businessweek.com/magazine/content/07_07/b4021001.htm|archive-date=February 28, 2007|website=[[BusinessWeek]]}}</ref> Rubenstein, Conway and D'Aneillo remain active in the business. Carlyle was founded with $5&nbsp;million of financial backing from [[T. Rowe Price]], [[Alex. Brown & Sons]], First Interstate Equities, and the [[Richard King Mellon]] family.<ref>{{cite news|author=<!--Staff writer(s); no by-line.-->|date=January 30, 1989|title=Carlucci Takes Job at Carlyle Group|newspaper=[[The New York Times]]|url=https://www.nytimes.com/1989/01/30/business/carlucci-takes-job-at-carlyle-group.html|access-date=August 21, 2020}}</ref><ref name="littleknowncarlyle">{{cite news|last=Gilpin|first=Kenneth N.|date=March 26, 1991|title=Little-Known Carlyle Scores Big|newspaper=The New York Times|url=https://www.nytimes.com/1991/03/26/business/little-known-carlyle-scores-big.html|access-date=August 21, 2020}}</ref>
 
In the late 1980s, Carlyle raised capital deal-by-deal to pursue [[leveraged buyout]] investments, including a failed takeover battle for [[Chi-Chi's]].<ref name="chichi" /><ref name="littleknowncarlyle" />  The firm raised its first dedicated buyout fund with $100&nbsp;million of investor commitments in 1990.  In its early years, Carlyle also advised in transactions including, in 1991, a $500&nbsp;million investment in Citigroup by [[Prince Al-Waleed bin Talal]], a member of the [[Saudi royal family]].<ref name="littleknowncarlyle" />

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.<ref>{{cite news|author=<!--Staff writer(s); no by-line.-->|date=October 6, 1992|title=General Dynamics Sells Unit To Private Group|newspaper=The New York Times|url=https://www.nytimes.com/1992/10/06/business/company-news-general-dynamics-sells-unit-to-private-group.html|access-date=August 21, 2020}}</ref>  Carlyle would sell the business to [[Tracor]] in October 1994.<ref>{{cite news|author=<!--Staff writer(s); no by-line.-->|date=October 14, 1994|title=Tracor To Buy GDE Systems From Carlyle Group|newspaper=The New York Times|url=https://www.nytimes.com/1994/10/14/business/company-news-tracor-to-buy-gde-systems-from-carlyle-group.html|access-date=August 21, 2020}}</ref>  Carlyle acquired [[Magnavox Electronic Systems]], the military communications and electronic-warfare systems segment of Magnavox, from [[Philips|Philips Electronics]] in 1993.<ref>{{cite news|author=<!--Staff writer(s); no by-line.-->|date=July 28, 1993|title=Philips To Sell Magnavox Electronic Systems|newspaper=The New York Times|url=https://www.nytimes.com/1993/07/28/business/company-news-philips-to-sell-magnavox-electronic-systems.html|access-date=August 21, 2020}}</ref>  Carlyle sold Magnavox for about $370&nbsp;million to [[Hughes Aircraft Company]] in 1995.  Carlyle also invested in [[Vought Aircraft]] through a partnership with [[Northrop Grumman]].<ref>{{cite news|author=<!--Staff writer(s); no by-line.-->|date=September 12, 1995|title=Hughes Aircraft Sets Purchase of Magnavox for $370 Million|newspaper=The New York Times|url=https://www.nytimes.com/1995/09/12/business/hughes-aircraft-sets-purchase-of-magnavox-for-370-million.html|access-date=August 21, 2020}}</ref>  Carlyle's most notable defense industry investment came in October 1997 with its acquisition of [[United Defense|United Defense Industries]].  The $850&nbsp;million acquisition of United Defense represented Carlyle's largest investment to that point.<ref name="uniteddef">{{cite news|last=Pasztor|first=Andy|date=August 27, 1997|title=Carlyle Beats General Dynamics In Bidding for United Defense|newspaper=The Wall Street Journal|url=https://www.wsj.com/articles/SB872599088507278500|access-date=August 21, 2020}}</ref><ref>{{cite news|last=Gilpin|first=Kenneth N.|date=August 27, 1997|title=Military Contractor Sold to Buyout Firm|newspaper=The New York Times|url=https://www.nytimes.com/1997/08/27/business/military-contractor-sold-to-buyout-firm.html|access-date=August 21, 2020}}</ref>  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.<ref>{{cite web|date=July 31, 2005|title=United Defense Industries|url=http://www.globalsecurity.org/military/industry/udi.htm|access-date=October 22, 2008|website=GlobalSecurity.org}}</ref> In more recent years, Carlyle has invested less in the defense industry.<ref name="noeffect" />

===Carlyle in the early 2000s===
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.<ref name="TheBookOnBush" /><ref name="glassman" /><ref name="TheEconomist" /><ref name="TheGuardian" /><ref name="Nsnbc" />  Later reports confirmed that the Bin Laden family had invested $2&nbsp;million into Carlyle's $1.3&nbsp;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&nbsp;million committed in 1995 only being an initial contribution that grew over time.<ref>{{cite news|date=September 27, 2001|title=Bin Laden Family Is Tied To U.S. Group|newspaper=The Wall Street Journal}}</ref> These connections would later be profiled in [[Michael Moore]]'s ''[[Fahrenheit 9/11]]''.  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.<ref>{{cite news|last=Eichenwald|first=Kurt|date=October 26, 2001|title=Bin Laden Family Liquidates Holdings With Carlyle Group|newspaper=The New York Times|url=https://www.nytimes.com/2001/10/26/business/bin-laden-family-liquidates-holdings-with-carlyle-group.html|url-status=live|access-date=August 21, 2020|archive-url=https://web.archive.org/web/20080421092850/http://query.nytimes.com/gst/fullpage.html?res=9400E5DD1031F935A15753C1A9679C8B63|archive-date=April 21, 2008}}</ref>

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&nbsp;billion buyout of QwestDex,<ref>{{Cite web|date=October 24, 2002|title=Carlyle and Welsh snap up QwestDex|url=https://www.privatedebtinvestor.com/carlyle-and-welsh-snap-up-qwestdex/|access-date=April 9, 2018|work=Private Debt Investor|language=en-US}}</ref> the third-largest corporate buyout since 1989.<ref>{{Cite news|last=Heath|first=Thomas|date=June 3, 2011|title=Carlyle Group is ready for its close-up|language=en-US|newspaper=The Washington Post|url=https://www.washingtonpost.com/business/economy/carlyle-group-is-ready-for-its-close-up/2011/05/24/AGnPf4HH_story.html|access-date=April 9, 2018|issn=0190-8286}}</ref> QwestDex's purchase occurred in two stages: a $2.75&nbsp;billion acquisition of assets known as Dex Media East in November 2002 and a $4.30&nbsp;billion acquisition of assets known as Dex Media West in 2003.<ref>{{Cite news|date=August 20, 2002|title=Qwest to Sell Directories Business for $7 Billion|language=en-US|newspaper=Los Angeles Times|url=https://www.latimes.com/archives/la-xpm-2002-aug-20-fi-qwest20-story.html|access-date=April 9, 2018|issn=0458-3035}}</ref> [[R. H. Donnelley|R. H. Donnelley Corporation]] acquired Dex Media in 2006.<ref>{{Cite web|date=October 4, 2005|title=R.H. Donnelley Buys Dex Media|url=https://www.mediapost.com/publications/article/34778/rh-donnelley-buys-dex-media.html|access-date=April 9, 2018|website=MediaDailyNews}}</ref>

[[Lou Gerstner]], former chairman and CEO of [[IBM]] and [[Nabisco]], replaced [[Frank Carlucci]] as chairman of Carlyle in January 2003.<ref>{{Cite news|last=Lohr|first=Steve|date=November 22, 2002|title=Gerstner to Be Chairman of Carlyle Group|language=en-US|newspaper=The New York Times|url=https://www.nytimes.com/2002/11/22/business/gerstner-to-be-chairman-of-carlyle-group.html|access-date=April 9, 2018|issn=0362-4331}}</ref><ref>{{cite news|last1=Scannell|first1=Kara|last2=Bulkeley|first2=William M.|date=November 22, 2002|title=IBM's Gerstner to Join Carlyle As Investment Firm's Chairman|newspaper=The Wall Street Journal|url=https://www.wsj.com/articles/SB1037893592918171788|access-date=August 21, 2020}}</ref><ref name="gerstner2">{{cite news|date=November 22, 2002|title=Gerstner to Be Carlyle Group Chairman; Former IBM Chief Brings Long List of Contacts to Private Equity Firm|newspaper=The Washington Post}}</ref>  Gerstner would serve in that position through October 2008.<ref>{{Cite web|title=Executive Profile: Louis V. Gerstner Jr.|url=https://www.bloomberg.com/markets/stocks|access-date=April 9, 2018|website=Bloomberg.com}}</ref><ref>{{Cite news|last=de la Merced|first=Michael J.|date=August 19, 2008|title=Leader of the Carlyle Group to Leave Post in September|language=en-US|newspaper=The New York Times|url=https://www.nytimes.com/2008/08/20/business/20carlyle.html|access-date=April 9, 2018|issn=0362-4331}}</ref>  The hiring of Gerstner was intended to reduce the perception of Carlyle as a politically dominated firm.<ref>{{cite news|last=Sender|first=Henny|date=August 25, 2003|title=The Man Behind the Curtain at Carlyle Group|newspaper=The Wall Street Journal|url=https://www.wsj.com/articles/SB10617634897030200|access-date=August 21, 2020}}</ref>  At the time, Carlyle, which had been founded 15 years earlier, had accumulated $13.9&nbsp;billion of assets under management and had generated annualized returns for investors of 36%.<ref name="gerstner2" />

Carlyle also announced the $1.6&nbsp;billion acquisition of [[Hawaiian Telcom]] from [[Verizon]] in May 2004.<ref>{{cite news|author=<!--Staff writer(s); no by-line.-->|date=May 22, 2004|title=Verizon Sells Hawaiian Unit For $1.6 Billion|newspaper=The New York Times|url=https://www.nytimes.com/2004/05/22/business/company-news-verizon-sells-hawaiian-unit-for-1.6-billion.html|access-date=August 21, 2020}}</ref>  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&nbsp;million it had invested in the company.<ref>{{cite news|last=Lattman|first=Peter|date=December 2, 2008|title=Carlyle's Bet on Telecom in Hawaii Ends Badly|newspaper=The Wall Street Journal|url=http://online.wsj.com/article/SB122816620702669991.html|access-date=August 21, 2020}}</ref>

[[File:Hertz car rental office Livonia Michigan.JPG|thumb|left|Carlyle led the $15&nbsp;billion buyout of [[The Hertz Corporation|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|KKR]], [[Blackstone Group]], and [[TPG Capital]].  In 2005, Carlyle, together with [[Clayton, Dubilier & Rice]] and [[Merrill Lynch]] completed the $15.0&nbsp;billion leveraged buyout of [[The Hertz Corporation]], the largest car rental agency from [[Ford Motor Company|Ford]].<ref>{{cite news|last1=Sorkin|first1=Andrew Ross|last2=Hakim|first2=Danny|date=September 8, 2005|title=Ford Said to Be Ready to Pursue a Hertz Sale|newspaper=The New York Times|url=https://www.nytimes.com/2005/09/08/business/08ford.html|access-date=August 21, 2020}}</ref><ref>{{cite news|last=Peters|first=Jeremy W.|date=September 13, 2005|title=Ford Completes Sale of Hertz to 3 Firms|newspaper=The New York Times|url=https://www.nytimes.com/2005/09/13/business/13hertz.html|access-date=August 21, 2020}}</ref>

The following year, in August 2006, Carlyle and its [[Riverstone Holdings]] affiliate partnered with [[Goldman Sachs Capital Partners]] in the $27.5&nbsp;billion (including assumed debt) acquisition of [[Kinder Morgan]], one of the largest pipeline operators in the US.<ref>{{Cite book |last=Kumar |first=B. |title=Mega Mergers and Acquisitions: Case Studies from Key Industries |publisher=Springer |year=2012 |isbn=978-1-137-00589-2 |edition=1st |location=New York |pages=177 |language=en}}</ref> The buyout was backed by [[Richard Kinder]], the company's co-founder and a former president of [[Enron]].<ref>{{cite news|last=Mouawad|first=Jad|date=August 29, 2006|title=Kinder Morgan Agrees to an Improved Buyout Offer Led by Its Chairman|newspaper=The New York Times|url=https://www.nytimes.com/2006/08/29/business/29kinder.html|access-date=August 21, 2020}}</ref>

In September 2006, Carlyle led a consortium, comprising [[Blackstone Group]], [[Permira]] and [[TPG Capital]], in the  $17.6&nbsp;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&nbsp;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.<ref>{{cite book|last1=Carey|first1=David|title=King of Capital|last2=Morris|first2=John E.|date=2010|publisher=[[Crown Publishers]]|isbn=978-0-3074-5299-3|location=New York|pages=231–235}}</ref><ref>{{cite news|last1=Sorkin|first1=Andrew Ross|last2=Flynn|first2=Laurie J.|date=September 16, 2006|title=Blackstone Alliance to Buy Chip Maker for $17.6 Billion|newspaper=The New York Times|url=https://www.nytimes.com/2006/09/16/business/16freescale.html|access-date=August 21, 2020}}</ref>

Earlier that year, in January 2006, Carlyle together with [[Blackstone Group]], [[AlpInvest Partners]], [[Hellman & Friedman]], [[Kohlberg Kravis Roberts|KKR]] and [[Thomas H. Lee Partners]] acquired [[Nielsen Company]], the global information and media company formerly known as VNU in an $8.9&nbsp;billion buyout.<ref>{{cite web|last=Goldsmith|first=Charles|date=March 8, 2006|title=VNU Shareholders Reject $8.9 Bln Offer From KKR Group (Update2)|url=https://www.bloomberg.com/apps/news?pid=10000085&sid=apnoYIe8t31A&refer=europe|archive-url=https://web.archive.org/web/20090117121207/https://www.bloomberg.com/apps/news?pid=10000085&sid=apnoYIe8t31A&refer=europe|archive-date=January 17, 2009|access-date=October 16, 2015|website=Bloomberg}}</ref><ref>{{cite news|last1=Pfanner|first1=Eric|last2=Timmons|first2=Heather|date=January 17, 2006|title=Buyout Bid For Parent of Nielsen|newspaper=The New York Times|url=https://query.nytimes.com/gst/fullpage.html?res=9407E0DA143FF934A25752C0A9609C8B63|access-date=August 21, 2020}}</ref><ref>{{cite press release|url=http://www.nielsen.com/media/2006/pr_2006_0308_2.pdf|title=VNU Agrees To Public Offer From Private Equity Group|date=March 8, 2006|publisher=VNU N.V. and Valcon Acquisition B.V.|archive-url=https://web.archive.org/web/20081116192808/http://www.nielsen.com/media/2006/pr_2006_0308_2.pdf|archive-date=November 16, 2008}}</ref>  Also in 2006, Carlyle acquired [[Oriental Trading Company]] which ultimately declared bankruptcy in August 2010<ref>{{cite web|last=McCarty|first=Dawn|date=August 25, 2010|title=Oriental Trading Co. Files for Bankruptcy in Delaware|url=https://www.bloomberg.com/news/2010-08-25/oriental-trading-co-files-for-bankruptcy-with-as-much-as-1-billion-debt.html|access-date=September 28, 2010|website=Bloomberg}}</ref> as well as Forba Dental Management, the owner of [[Small Smiles Dental Centers]], the largest US chain of dental clinics for children.<ref>{{cite web|title=Portfolio: Forba LLC|url=http://www.carlyle.com/Portfolio/item7490.html|archive-url=https://web.archive.org/web/20080829004004/http://www.carlyle.com/Portfolio/item7490.html|archive-date=August 29, 2008|website=The Carlyle Group}}</ref>

===2011-2017===
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. In 2013, Carlyle acquired the remaining ownership stake in AlpInvest after which that business became a wholly-owned subsidiary.<ref>[https://www.bloomberg.com/news/2013-06-03/carlyle-buys-remaining-40-of-alpinvest-as-it-diversifies.html Carlyle Buys Remaining 40% of AlpInvest as It Diversifies].  Bloomberg, June 3, 2013</ref>

===Since 2017===
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.<ref>{{cite news|last1=Banerjee|first1=Devin|date=October 25, 2017|title=Carlyle's Billionaire Founders Hand Reins to New Leaders|work=[[Bloomberg News]]|url=https://www.bloomberg.com/news/articles/2017-10-25/carlyle-s-billionaire-founders-hand-reins-to-youngkin-lee|access-date=February 21, 2021}}</ref><ref>{{cite news|last1=Gottfried|first1=Miriam|date=October 27, 2017|title=Carlyle's Next Generation: A Deal Whiz and a Homegrown Quarterback|work=[[Wall Street Journal]]|url=https://www.wsj.com/articles/carlyles-next-generation-a-deal-whiz-and-a-homegrown-quarterback-1509123465|access-date=February 21, 2021}}</ref><ref>{{cite news|last1=Grant|first1=Kinsey|date=October 25, 2017|title=Carlyle Group Co-CEOs Rubenstein, Conway Stepping Down|work=[[TheStreet.com]]|url=https://www.thestreet.com/investing/stocks/carlyle-group-co-ceos-rubenstein-conway-stepping-down-14358451|access-date=February 21, 2021}}</ref>

In October 2017, the Carlyle Group made a $500&nbsp;million investment in the brand [[Supreme (brand)|Supreme]] valuing the company at $1&nbsp;billion. In 2020, the investment was acquired by [[VF Corporation]], which owns [[The North Face]], [[Timberland (company)|Timberland]], and [[Vans]] for $2.1&nbsp;billion.<ref>{{Cite web |title=Supreme Streetwear Brand Sold to VF in $2.1 Billion Deal |url=https://www.barrons.com/articles/supreme-streetwear-brand-sold-to-vf-in-2-1-billion-deal-51604953762 |access-date=2025-01-22 |website=barrons |language=en-US}}</ref><ref>{{Cite web |date=2025-01-08 |title=VF Corporation Announces Definitive Agreement to Acquire Iconic, Global Streetwear Leader Supreme® |url=https://www.vfc.com/news/press-release/1738/vf-corporation-announces-definitive-agreement-to-acquire |access-date=2025-01-22 |website=VF Corporation |language=en}}</ref>

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.<ref>{{Cite web|date=October 15, 2019|title=Vigor acquisition and merger completed|url=https://www.workboat.com/shipbuilding/vigor-sold-will-merge-with-virginia-shipyard|access-date=October 15, 2019|website=Workboat}}</ref>

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.<ref>{{Cite web|date=June 2, 2020|title=The Carlyle Group and T&D Holdings Complete Acquisition of Majority Interest in Fortitude Group Holdings from AIG|url=https://www.businesswire.com/news/home/20200602005837/en/Carlyle-Group-TD-Holdings-Complete-Acquisition-Majority|access-date=June 12, 2020|website=BusinessWire}}</ref> Also in June 2020, Unison had been purchased by the Carlyle Group and Unison management strategic investment company.<ref>{{Cite web|date=June 30, 2020|title=The Carlyle Group Partners with management to acquire Unison from Abry Partners|url=https://www.privateequitywire.co.uk/2020/06/30/287027/carlyle-group-partners-management-acquire-unison-abry-partners|access-date=July 6, 2020|website=Private Equity Wire}}</ref>

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.<ref>{{Cite news|last=Aeppel|first=Timothy|date=September 16, 2020|title=Carlyle buys disinfecting machine maker stake in COVID-19 bet|language=en|work=Reuters|url=https://www.reuters.com/article/us-victory-innovations-m-a-carlyle-group-idUSKBN2673AW|access-date=September 17, 2020}}</ref>

At the end of September 2020, Youngkin retired from the firm, stating his intention to focus on community and public service; this left Lee as the sole CEO.<ref>{{cite news|last1=Wiggi|first1=Kaye|last2=Vandevelde|first2=Mark|date=July 21, 2020|title=Carlyle co-chief Glenn Youngkin to step down|work=[[Financial Times]]|url=https://www.ft.com/content/3bf2ba9c-ab14-41ca-b3e0-0ca8b85dde4b |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/3bf2ba9c-ab14-41ca-b3e0-0ca8b85dde4b |archive-date=December 10, 2022 |url-access=subscription |url-status=live|access-date=February 21, 2021}}</ref><ref>{{cite news|last1=Lewis|first1=Adam|date=July 21, 2020|title=Carlyle co-CEO Glenn Youngkin to retire, leaving reins to Kewsong Lee|work=PitchBook|url=https://pitchbook.com/news/articles/carlyle-glenn-youngkin-retire|access-date=February 21, 2021}}</ref><ref>{{cite news|last1=Louch|first1=William|date=July 21, 2020|title=Carlyle Co-CEO Glenn Youngkin to Step Down|work=[[Wall Street Journal]]|url=https://www.wsj.com/articles/carlyle-co-ceo-glenn-youngkin-to-step-down-11595342495|access-date=February 20, 2021}}</ref> Youngkin would later go on to be elected [[Governor of Virginia]] in the state's [[2021 Virginia gubernatorial election|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]]''.<ref>{{cite news|last=Field|first=Matthew|date=January 22, 2021|title=Buyout fund Carlyle to swoop for Cambridge RuneScape studio Jagex|url=https://www.telegraph.co.uk/technology/2021/01/22/buyout-fund-carlyle-swoop-cambridge-runescape-studio-jagex/ |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/technology/2021/01/22/buyout-fund-carlyle-swoop-cambridge-runescape-studio-jagex/ |archive-date=January 12, 2022 |url-access=subscription |url-status=live|access-date=January 25, 2021|work=[[The Daily Telegraph]]}}{{cbignore}}</ref><ref>{{cite web|last=Taylor|first=Moline|date=January 25, 2021|title=Runescape is now owned by the world's second-largest private equity firm|url=https://www.pcgamer.com/runescape-is-now-owned-by-the-worlds-second-biggest-private-equity-firm/|access-date=January 25, 2021|work=[[PC Gamer]]}}</ref>

In May 2021, the Carlyle Group entered a partnership agreement with [[SPX Capital]] to enter the Brazilian market. The Carlyle Group's employees would join SPX Capital to establish its [[private equity]] strategy. SPX Capital would also become a subadvisor to the Carlyle Group's $776 million buyout fund focused on South America.<ref>{{Cite news |last=Garcia |first=Luis |date=7 May 2021 |title=Carlyle Turns to SPX Capital in New Approach to Brazil |url=https://www.wsj.com/articles/carlyle-turns-to-spx-capital-in-new-approach-to-brazil-11620414298 |access-date=11 February 2024 |work=WSJ |language=en-US}}</ref>

In March 2022, the Carlyle Group acquired [[Dainese]] - an Italian motorcycle kit and clothing company from [[Investcorp]].<ref>{{Cite web |last=Hancocks |first=Simon |title=SOLD! Dainese acquired by Carlyle Group for €630 million |url=https://www.visordown.com/news/industry/sold-dainese-acquired-carlyle-group-%E2%82%AC630-million |access-date=March 17, 2022 |website=Visordown |language=en}}</ref> 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&nbsp;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.<ref>{{cite journal|date=May 17, 2022|url=https://www.bloomberg.com/news/articles/2022-05-16/carlyle-group-is-said-in-advanced-talks-to-buy-mantech?srnd=technology-vp|title=Carlyle Agrees to Buy US Government Contractor ManTech for $3.9 Billion|journal=Bloomberg|access-date=May 17, 2022}}</ref>

In August 2022, the Carlyle Group acquired [[Abingworth (company)|Abingworth]], a transatlantic bioscience investment firm.<ref>{{Cite news |date=April 12, 2022 |title=Carlyle's acquisition of Abingworth brings $2 billion to fuel life science investments |language=en |work=Fierce Biotech |url=https://www.fiercebiotech.com/biotech/carlyle-group-absorbs-global-investment-firm-abingworth-forms-new-holding-company |access-date=February 22, 2023}}</ref>

In November 2022, it was announced the Carlyle Group has acquired the international marketing agency, Incubeta.<ref>{{Cite web |last=Wilkinson |first=Sol |date=November 16, 2022 |title=Global Investment Firm Carlyle to Acquire International Marketing Agency Incubeta |url=https://performancein.com/news/2022/11/16/global-investment-firm-carlyle-to-acquire-international-marketing-agency-incubeta/ |access-date=November 16, 2022 |website=PerformanceIN |language=en-US}}</ref>

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.<ref>{{cite news |last1=Gara |first1=Antoine |last2=Franklin |first2=Joshua |last3=Fontanella-Khan |first3=James |date=February 8, 2023 |url=https://www.ft.com/content/4946b6e2-bb66-4a8f-8328-28b26fcb20d1 |title='Street fighter' Harvey Schwartz takes the helm at rudderless Carlyle |work=[[Financial Times]]}}</ref>

In 2023, Carlyle invested in Anthesis Group, a provider of sustainability services for businesses.<ref>{{Cite web |title=Carlyle to acquire majority stake in Anthesis {{!}} Carlyle |url=https://www.carlyle.com/media-room/news-release-archive/carlyle-to-acquire-majority-stake-in-anthesis |archive-url=http://web.archive.org/web/20240828131638/https://www.carlyle.com/media-room/news-release-archive/carlyle-to-acquire-majority-stake-in-anthesis |archive-date=2024-08-28 |access-date=2025-01-14 |website=www.carlyle.com |language=en}}</ref>

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 [[Holding company|parent company]] [[DIC Corporation]] for $221&nbsp;million.<ref>{{Cite web |last=Sebastian |date=September 4, 2023 |title=Carlyle Group to Acquire Seiko PMC in $221m Deal |url=https://rainmakrr.com/private-equity-news-pe/japan-latest/carlyle-group-tender-offer-for-seiko-pmc/ |access-date=September 5, 2023 |website=Private Equity Insights |language=en-US}}</ref>

In June 2024, Carlyle announced the formation of a new Mediterranean-focused oil and gas company, led by former [[BP]] CEO [[Tony Hayward]], after acquiring [[Energean]]'s assets in Egypt, Italy, and Croatia for up to $945 million.<ref>{{Cite web |last=Bousso |first=Ron |date=20 June 2024 |title=Carlyle creates new Med oil and gas company with $945 million Energean deal |url=https://www.reuters.com/markets/deals/energean-sell-egypt-other-assets-carlyle-up-945-mln-2024-06-20/ |access-date=20 June 2024 |website=Reuters}}</ref>

In October 2024, Carlyle Group strengthened its partnership with Korea Investment & Securities to discover attractive global products on the one-year anniversary of its strategic alliance.<ref>{{Cite web |last=언론-소셜밸류 |first=사회가치 공유 |date=2024-10-14 |title=한국투자증권, 칼라일그룹과 파트너십 강화 "매력적인 글로벌 상품 발굴·공급" |url=https://www.socialvalue.kr/news/view/1065593902749379 |access-date=2025-01-07 |website=www.socialvalue.kr |language=ko}}</ref>

In February 2025, The Carlyle Group entered India's auto components market by acquiring a controlling stake in an entity formed through the merger of Indian auto parts companies Highway Industries and Roop Automotives.<ref>{{Cite news |date=2025-02-14 |title= |url=https://www.reuters.com/markets/deals/carlyle-group-enters-indian-auto-parts-industry-with-highway-roop-platform-buy-2025-02-13/ |work=Reuters}}</ref>

In February 2025, Carlyle Group announced that it had entered into a definitive agreement with Bluebird Bio to be acquired by a fund managed by SK Capital Partners.<ref>{{Cite web |last=Philippidis |first=Alex |date=2025-02-23 |title=StockWatch: Bluebird Bio Plunges on Buyout, as Gene Therapy's Woes Grow |url=https://www.genengnews.com/topics/genome-editing/stockwatch-bluebird-bio-plunges-on-buyout-as-gene-therapys-woes-grow/ |access-date=2025-02-25 |website=GEN - Genetic Engineering and Biotechnology News |language=en-US}}</ref>

===Ownership changes===
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&nbsp;million.<ref>{{cite news|last=Scannell|first=Kara|date=February 2, 2001|title=Deals & Deal Makers: Calpers Buys 5% Stake in Carlyle Group For $175 Million, Invests in Some Funds|newspaper=The Wall Street Journal|url=https://www.wsj.com/articles/SB981067457259999794|access-date=August 21, 2020}}</ref>  The investment was valued at about $1&nbsp;billion by 2007 at the height of the 2000s buyout boom.<ref name="Heath2007">{{Cite web|last=Heath|first=Thomas|date=September 21, 2007|title=Government of Abu Dhabi Buys Stake in Carlyle|url=https://www.washingtonpost.com/wp-dyn/content/article/2007/09/20/AR2007092000451.html|archive-url=https://web.archive.org/web/20081014051109/http://www.washingtonpost.com/wp-dyn/content/article/2007/09/20/AR2007092000451.html|archive-date=October 14, 2008|newspaper=The Washington Post}}</ref>

In September 2007, [[Mubadala Development Company]], an investment vehicle for the government of [[Abu Dhabi (emirate)|Abu Dhabi]] of the [[United Arab Emirates]], purchased a 7.5% stake for $1.35&nbsp;billion.<ref name="Heath2007" /><ref>{{cite news|last=Sorkin|first=Andrew Ross|date=September 21, 2007|title=Carlyle to Sell Stake to a Mideast Government|newspaper=The New York Times|url=https://www.nytimes.com/2007/09/21/business/worldbusiness/21carlyle.html|access-date=August 21, 2020}}</ref>

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.<ref>{{cite news|last=Kasler|first=Dale|date=April 9, 2008|title=Bill limiting CalPERS, CalSTRS investments withdrawn|newspaper=[[The Sacramento Bee]]|url=http://www.sacbee.com/103/story/849713.html|archive-url=https://web.archive.org/web/20090215160947/http://www.sacbee.com/103/story/849713.html|archive-date=February 15, 2009}}</ref>

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&nbsp;billion of assets, raised $671&nbsp;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.<ref>{{cite news|last1=Zuckerman|first1=Gregory|last2=Cowan|first2=Lynn|date=May 2, 2012|title=Carlyle Prices IPO at Lower Range|newspaper=The Wall Street Journal|url=http://online.wsj.com/article/SB10001424052702304743704577380111481098448.html|access-date=August 21, 2020}}</ref>

In June 2017, Carlyle took its non-traded BDC, TCG BDC, Inc., public in the first business development company IPO since 2014.<ref>{{cite web|title=TCG BDC, Inc.|url=http://bdcstocks.com/tcg-bdc-inc-cgbd/|access-date=July 3, 2017|website=BDC Stocks}}</ref><ref>{{cite web|date=June 13, 2017|title=TCG BDC, Inc. Prices Public Offering|url=https://www.carlyle.com/media-room/news-release-archive/tcg-bdc-inc-prices-public-offering|access-date=July 3, 2017|website=The Carlyle Group}}</ref>

The Carlyle Group has been a majority shareholder of [[Seidor (company)|Seidor]] since August 2024.<ref>{{Cite web |last=Galisteo |first=Alejandro |date=2024-08-20 |title=El fondo Carlyle compra el 60% de la tecnológica catalana Seidor |url=https://www.epe.es/es/activos/20240820/fondo-carlyle-compra-60-tecnologica-107178650 |access-date=2025-01-14 |website=El Periódico de España |language=es}}</ref>