Editing The Carlyle Group

{{Short description|American multinational financial company}}
{{Use mdy dates|date=December 2023}}
{{Infobox company
| name = The Carlyle Group Inc.
| logo = The Carlyle Group logo.svg
| type = [[Public company|Public]]
| traded_as = {{ubl|class=nowrap|{{NASDAQ|CG}}|[[S&P 400]] component}}
| founded = {{Start date and age|1987}}
| founders = {{Unbulleted_list|[[William E. Conway Jr.]]|[[Stephen L. Norris]]|[[Daniel A. D'Aniello]]|[[David Rubenstein]]|[[Greg Rosenbaum]]}}
| hq_location = [[1001 Pennsylvania Avenue]]
| hq_location_city = [[Washington, D.C.]]
| hq_location_country = U.S.
| key_people = {{Unbulleted_list|[[Harvey Schwartz]] ([[Chief executive officer|CEO]])|Daniel A. D'Aniello ([[Emeritus|chairman emeritus]])|William E. Conway Jr. (co-[[chairman]])|David Rubenstein (co-chairman)}}
| industry = [[Private equity]]
| products = {{unbulleted_list|[[Leveraged buyout]]s|[[Growth capital]]|[[Energy]]|Energy lending|[[Structured finance|Structured credit]]|[[Real estate]]}}
| revenue = {{increase}} {{US$|5.43&nbsp;billion|link=yes}} (2024)
| operating_income = {{increase}} {{US$|2.18&nbsp;billion}} (2024)
| net_income = {{increase}} {{US$|1.02&nbsp;billion}} (2024)
| aum = {{increase}} {{US$|441&nbsp;billion}} (2024)
| assets = {{nowrap|{{increase}} {{US$|23.1&nbsp;billion}} (2024)}}
| equity = {{increase}} {{US$|6.35&nbsp;billion}} (2024)
| num_employees = {{circa|2,300}}
| num_employees_year = 2024
| subsid = 
| website = {{URL|carlyle.com}}
| footnotes = <ref name="Carlyle Group 2024 10-K">{{cite web |title=Carlyle Group 2024 Form 10-K |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1527166/000152716625000006/cg-20241231.htm |publisher=[[United States Securities and Exchange Commission]] |date=February 27, 2025}}</ref>
}}

'''The Carlyle Group Inc.''' is an American multinational company with operations in [[private equity firm|private equity]], alternative [[asset management]] and [[financial services]]. As of 2023, the company had $426&nbsp;billion of assets under management.<ref>{{Cite web |title=Annual Report 2023 {{!}} Carlyle |url=https://www.carlyle.com/investor-relations/annual-report-2023 |access-date=2024-05-28 |website=www.carlyle.com}}</ref>

Carlyle specializes in [[private equity]], [[real assets]], and [[private credit]]. One of the world's largest investment firms, it ranked first among private equity firms by capital raised from 2010-2015, according to the [[PEI 300]] index.<ref>{{cite web |date=June 2015 |title=PEI 300 |url=https://www.privateequityinternational.com/pei300/ |access-date=June 24, 2015 |website=Private Equity International}}</ref> In June 2024, it ranked sixth in [[Private Equity International]]'s PEI 300 ranking among the world's largest private equity firms.<ref>{{Cite web |title=2024 PEI 300 by Private Equity International - Infogram |url=https://infogram.com/2024-pei-300-1h7v4pddjjm8j4k |access-date=2025-02-25 |website=infogram.com |language=en}}</ref>

Founded in 1987 in [[Washington, D.C.]], the company has nearly 2,200 employees in 28 offices on four continents {{as of|2023|12|lc=yes}}. On May 3, 2012, Carlyle completed a {{currency|700|USD}} million [[initial public offering]] and began trading on the [[NASDAQ]] stock exchange.

==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>

== Corporate affairs ==

=== Business trends ===
The key trends for Carlyle are (as of the financial year ending December 31):
{| class="wikitable float-left" style="text-align: right;"
!Year
!Revenue<br />in million USD
!Net income<br />in million USD
![[Assets under management|AUM]]<br />in billion USD
!Employees
|-
|2015<ref>[https://ir.carlyle.com/static-files/728f6215-eca5-4c86-a74c-cab1d9989c34 The Carlyle Group Announces Fourth Quarter and Full Year 2015 Financial Results] (PDF)</ref>
|3,006
|(18)
|183
|1,700
|-
|2016<ref>[https://ir.carlyle.com/static-files/4ccc8cbd-acd7-4dd3-814c-999093100eb5 The Carlyle Group Announces Fourth Quarter and Full Year 2016 Financial Results] (PDF)</ref>
|2,274
|6
|158
|1,600
|-
|2017<ref>[https://ir.carlyle.com/static-files/e7933e62-cc7b-4c71-898e-7ca3148c8eb4 The Carlyle Group Announces Fourth Quarter and Full Year 2017 Financial Results] (PDF)</ref>
|3,676
|238
|195
|1,600
|-
|2018<ref>[https://ir.carlyle.com/static-files/f378a499-272d-4cfa-8c93-066176c5b572 The Carlyle Group Announces Fourth Quarter and Full Year 2018 Financial Results] (PDF)</ref>
|2,427
|93
|216
|1,650
|-
|2019<ref>[https://ir.carlyle.com/static-files/79ae3125-5328-4f2e-98dd-cb9aaf8be091 THE CARLYLE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2019 FINANCIAL RESULTS] (PDF)</ref>
|3,377
|345
|224
|1,775
|-
|2020<ref>[https://ir.carlyle.com/static-files/eb534b71-0af0-4f36-b8d6-841b78bb31a1 Carlyle Reports Fourth Quarter and Full Year 2020 Financial Results] (PDF)</ref>
|2,935
|348
|246
|1,825
|-
|2021<ref>[https://ir.carlyle.com/static-files/d748bcbc-c821-430c-be76-b15256a5648f Carlyle Reports Fourth Quarter and Full Year 2021 Financial Results] (PDF)</ref>
|8,782
|2,975
|301
|1,850
|-
|2022<ref>[https://ir.carlyle.com/static-files/777dde0f-a2b7-4678-9967-ec82ff74c5ac Carlyle Reports Fourth Quarter and Full Year 2022 Financial Results] (PDF)</ref>
|4,439
|1,225
|373
|2,100
|-
|2023<ref>[https://ir.carlyle.com/static-files/08bd5e43-5e50-4cb1-8e5e-23b638ee2317 Carlyle Reports Fourth Quarter and Full-Year 2023 Financial Results] (PDF)</ref>
|2,964
|(608)
|426
|2,200
|-
|2024<ref>[https://ir.carlyle.com/static-files/48f14cdf-2683-4195-876b-4878c816b88a Carlyle Reports Fourth Quarter and Full-Year 2024 Financial Results] (PDF)</ref>
|5,426
|1,020
|441
|2,300
|}

=== Ownership ===
Carlyle is mainly owned by institutional investors, who hold around 63% of all shares. The 10 largest shareholders in early 2025 were:<ref>[https://finance.yahoo.com/quote/CG/holders/ Largest shareholders of Carlyle] [[Yahoo Finance]]</ref>

* [[Daniel A. D'Aniello]] (9.10%)<ref name=":0">{{Cite web |title=The Carlyle Group Inc.: Shareholders Board Members Managers and Company Profile {{!}} US14316J1088 {{!}} MarketScreener |url=https://www.marketscreener.com/quote/stock/THE-CARLYLE-GROUP-INC-10531255/company/#google_vignette |access-date=2025-05-15 |website=www.marketscreener.com |language=en-US}}</ref>
* [[William E. Conway Jr.]] (8.40%)<ref name=":0" />
* [[David Rubenstein]] (8.19%)<ref name=":0" />
* [[BlackRock]] (8.10%)
* [[The Vanguard Group]] (6.73%)
* [[Capital World Investors]] (4.91%)
* William Blair Investment Management (3.37%)
* [[Morgan Stanley]] (3.14%)
* [[State Street Corporation]] (2.16%)
* [[Boston Partners]] (1.92%)

=== Senior leadership ===
* ''Chairman:'' None (''Daniel A. D'Aniello currently serves as chairman emeritus'')
* ''Chief Executive:'' [[Harvey Schwartz|Harvey M. Schwartz]] (since February 2023)

==== Board of directors ====
Carlyle's key board of directors as of May 2025 consists of:<ref>[https://ir.carlyle.com/corporate-governance/board-of-directors Board of Directors] The Carlyle Group</ref>

* [[Harvey Schwartz|Harvey M. Schwartz]], CEO of Carlyle Group
* [[William E. Conway Jr.|William E. Conway, Jr.]], Co-Founder and Co-Chairman
* [[David Rubenstein|David M. Rubenstein]], Co-Founder and Co-Chairman
* [[Daniel A. D'Aniello]], Co-Founder and Chairman Emeritus
* [[Afsaneh Beschloss]], Founder and Chief Executive Officer of RockCreek
* Sharda Cherwoo, Former Senior Partner at [[Ernst & Young|Ernst & Young LLP]]
* Linda H. Filler, Former Executive of [[Walgreens|Walgreen Co]], [[Walmart]], [[Kraft Foods]] and [[Hanesbrands]]
* [[Lawton Fitt|Lawton W. Fitt]], Former Investment Banker and Partner at [[Goldman Sachs]]
* James H. Hance, Jr., Carlyle Operating Executive and former Vice Chairman of [[Bank of America]]
* Mark S. Ordan, Chairman and Chief Executive Officer of Pediatrix Medical Group
* Derica W. Rice, Former Executive Vice President of [[CVS Health]] and former President of [[CVS Caremark]]
* William J. Shaw, Former Vice Chairman of [[Marriott International]]
* Anthony Welters, Chairman and Chief Executive Officer of CINQ Care Inc. and Executive Chairman of BlackIvy Group, LLC

==== List of chairmen ====
# [[Frank Carlucci]] (1992–2003)
# [[Lou Gerstner]] (2003–2008)
# [[Daniel A. D'Aniello]] (2012–2018)

==== List of former chief executives ====
# [[William E. Conway Jr.]] and [[David M. Rubenstein]] (1987–2017)
# [[Kewsong Lee]] and [[Glenn Youngkin]] (2017–2020)
# Kewsong Lee (2020–2022)

== Business segments ==
[[File:One_Vanderbilt_April_2023.jpg|thumb|Carlyle's New York offices are based in [[One Vanderbilt]]|right]]

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

=== Global Private Equity ===
{{main|Private Equity|Leveraged buyout}}
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 engineering|aerospace]], [[Defense contractor|defense]] & government services, consumer & retail, energy, financial services, [[Healthcare|health care]], industrial, [[real estate]], [[Quaternary sector of industry|technology and business services]], [[telecommunications]] & [[Mass media|media]], and [[transportation]].

Carlyle's Corporate Private Equity segment advises 23 buyout and 10 growth capital funds, with $75&nbsp;billion in Assets Under Management ("AUM") as of March 31, 2018.<ref name="CG 2018 10-Q">{{cite web |url=http://files.shareholder.com/downloads/AMDA-UYH8V/6244091540x0xS1527166-18-16/1527166/filing.pdf |title=Carlyle Group Form 10-Q (Quarterly Report) March 2018 |website=U.S. Securities and Exchange Commission |archive-url=https://web.archive.org/web/20180508054217/http://files.shareholder.com/downloads/AMDA-UYH8V/6244091540x0xS1527166-18-16/1527166/filing.pdf |archive-date=May 8, 2018}}</ref>

Carlyle's Real Assets segment advises 11 U.S. and internationally focused real estate funds, two infrastructure funds, two power funds, an international energy fund, and four Legacy Energy funds (funds that Carlyle jointly advises with Riverstone). The segment also includes nine funds advised by NGP. The Real Assets segment had about $44&nbsp;billion in AUM as of March 31, 2018.<ref name="CG 2018 10-Q" />

=== Global Credit ===
{{main|Private Credit}}
Carlyle's Global Credit pursues investment opportunities across various segments of [[private credit]] managing $194 billion in AUM as of December 31, 2024.<ref name="CG 2018 10-Q" />  Global Credit's key areas of focus are:

* Liquid Credit, managing [[collateralized loan obligation]] investment vehicles.
* Direct Lending, focused on [[leveraged finance]] investments primarily in [[private equity]]-owned companies.
* Opportunistic Credit, which invests in [[mezzanine capital]] and [[distressed securities]]
* Real Assets Credit, investing in debt securities in [[infrastructure]] projects
* [[Asset-based lending]]

=== Investment Solutions - AlpInvest Partners ===
{{Infobox company
| name          = [[AlpInvest Partners]]
| logo          = AlpInvest Partners Logo_2019.png
| logo_size          = 210px
| type          = [[Subsidiary]]
| foundation    = {{start date and age|1999}}
| location      = [[New York, New York]]<br />[[Amsterdam, Netherlands]]<br />[[London]]<br />[[Hong Kong]]<br />[[Indianapolis, Indiana]]<br />[[Tokyo]]
| products      = [[Fund of funds|Fund investments]], [[Private equity secondary market|Secondaries]], [[Equity co-investment|Co-Investments]], [[Mezzanine capital|Alternative Credit]]
| assets        = {{increase}}$85 billion (Dec 2024)<ref>Source: [https://www.carlyle.com/our-firm/global-investment-solutions Carlye Group website]{{webarchive|url=https://web.archive.org/web/20250130170905/https://www.carlyle.com/our-firm/global-investment-solutions |date=2025-01-30 }}</ref><br>{{increase}}350 private equity managers (Dec 2024)<ref name="Carlye Group website">Source: [https://www.carlyle.com/our-firm/global-investment-solutions Carlye Group website]</ref><br>{{increase}}800+ private equity funds (Dec 2024)<ref name="Carlye Group website">Source: [https://www.carlyle.com/our-firm/global-investment-solutions Carlye Group website]</ref>
| num_employees = 260 (2024) <ref>{{Cite web|url=https://www.alpinvest.com/about-us|title=About us}}</ref>
| key_people    = 
| footnotes     = US$100+ billion in capital since inception <ref>$85 billion and 350 general partners</ref> 
}}
{{Main|AlpInvest Partners}}
Carlyle's Investment Solutions segment advises global private equity through its subsidiary, [[AlpInvest Partners]].

'''[[AlpInvest Partners]]''' is a global [[private equity]] [[asset management|asset manager]] with over $85 billion of assets under management as of December 31, 2024.  The firm invests on behalf of more than 500 [[institutional investor]]s from North America, Asia, Europe, South America and Africa.

AlpInvest operates through three core investment teams: 
* [[Fund of funds|Primary Fund Investments]]
* [[Private equity secondaries|Secondary and Portfolio Finance investments]]
* [[equity co-investment|Co-Investments]].

AlpInvest's investments span a broad spectrum of private market strategies including: [[leveraged buyout|large buyout]], [[leveraged buyout|middle-market buyout]], [[private credit]], [[venture capital]], [[growth capital]], [[mezzanine capital|mezzanine]], [[Distressed securities|distressed]] and [[Energy industry|energy investments]], including [[sustainable energy]] investments.

As of the end of 2024, the firm had invested in more than 800 [[private equity fund]]s managed by more than 350 [[private equity firm]]s.  According to the PEI 300, AlpInvest ranked among the 50 largest private equity firms globally.<ref>[https://www.privateequityinternational.com/pei-300 Private Equity International - PEI 300]</ref>

Since 2011, AlpInvest has operated as a subsidiary of The Carlyle Group, a global private equity firm.  Prior to 2011, AlpInvest has been owned through a joint venture of its two clients, the Dutch pension funds ([[Stichting Pensioenfonds ABP|ABP]] and [[Stichting Pensioenfonds Zorg en Welzijn|PFZW]]).

Founded in 1999, AlpInvest has offices in [[New York City|New York]], [[Amsterdam]], [[London]], [[Hong Kong]], [[Indianapolis]], [[Singapore]] and [[Tokyo]] with over 100 investment professionals and over 260 employees.

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

==Subsidiaries and joint-ventures==
Carlyle has been actively expanding its investment activities and assets under management through a series of acquisitions and joint-ventures.<ref>{{Cite news |url=https://www.reuters.com/article/us-cepsa-m-a-carlyle-group-idUSKCN1RK0CH |title=Carlyle to buy up to $4.8 billion stake in Cepsa from Abu Dhabi's Mubadala |first=Stanley |last=Carvalho |date=April 8, 2019 |work=Reuters |access-date=April 8, 2019 |language=en}}</ref>

===Carlyle Capital Corporation===
In March 2008, Carlyle Capital Corporation – established in August 2006<ref>{{cite web |url=http://www.tradingmarkets.com/.site/news/Stock%20News/1206673/ |title=Carlyle Capital Corporation Intends to File for Compulsory Winding up in Guernsey |date=March 16, 2008 |website=TradingMarkets.com |archive-url=https://web.archive.org/web/20080328041945/http://www.tradingmarkets.com/.site/news/Stock%20News/1206673/ |archive-date=March 28, 2008}}</ref> for the purpose of making investments in U.S. [[Mortgage-backed security|mortgage-backed securities]] – defaulted on about $16.6&nbsp;billion of debt as the global credit crunch brought about by the [[subprime mortgage crisis]] worsened for leveraged investors. The [[Guernsey]]-based affiliate of Carlyle was very heavily leveraged, up to 32 times by some accounts, and it expected its creditors to seize its remaining assets.<ref>{{cite web |url=https://www.reuters.com/article/bankingFinancial/idUSL1350338420080313 |title=Carlyle Capital in default, on brink of collapse |first=Reed |last=Stevenson |date=March 13, 2008 |work=Reuters}}</ref> Tremors in the mortgage markets induced several of Carlyle's 13 lenders to make [[Margin calls|margin call]]s or to declare Carlyle in default on its loans.<ref>{{cite news |url=https://www.washingtonpost.com/wp-dyn/content/article/2008/03/10/AR2008031001016.html |title=Carlyle Founders Consider Cash Infusion |first=Thomas |last=Heath |date=March 11, 2008 |newspaper=The Washington Post}}</ref> 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 dealer]]s the right to post mortgaged-back securities as collateral for loans of up to $200&nbsp;billion in higher-grade, U.S. government-backed securities.<ref>{{Cite news |url=https://www.nytimes.com/2008/03/12/business/12fed.html |title=Fed Hopes to Ease Strain on Economic Activity |first=Edmund L. |last=Andrews |date=March 12, 2008 |newspaper=The New York Times |url-status=live |archive-url=https://web.archive.org/web/20131220165119/http://www.nytimes.com/2008/03/12/business/12fed.html  |archive-date=December 20, 2013}}</ref>

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."<ref>{{cite web |url=http://news.bbc.co.uk/2/hi/business/7293663.stm |title=Hedge fund on verge of collapse |date=March 13, 2008 |website=[[BBC News Online]]}}</ref> 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<ref>{{cite web |url=http://www.tridenttrust.com/PDFs/company.pdf |title=The Companies (Guernsey) Laws, 1994 To 1996, As Amended |website=TridentTrust |archive-url=https://web.archive.org/web/20080910093351/http://www.tridenttrust.com/PDFs/company.pdf |archive-date=September 10, 2008}}</ref> for a "compulsory winding up proceeding" to permit all its remaining assets to be liquidated by a court-appointed liquidator.<ref>{{cite web |url=http://www.carlylecapitalcorp.com/News/Press%20Releases/2007/item10306.html |title=Carlyle Capital Corporation Intends To File For Compulsory Winding Up In Guernsey |date=March 16, 2008 |website=Carlyle Capital Corporation Limited |archive-url=https://web.archive.org/web/20081225092641/http://www.carlylecapitalcorp.com/News/Press%20Releases/2007/item10306.html |archive-date=December 25, 2008}}</ref>

The losses to the Carlyle Group due to the collapse of Carlyle Capital are reported to be "minimal from a financial standpoint".<ref>{{cite news | url=https://www.reuters.com/article/bankingFinancial/idUSN1361636620080314 |title=CCC's Woes Seen as Small Blemish for Carlyle Group  |first=Jessica |last=Hall |date=March 14, 2008 |work=Reuters}}</ref>

In September 2017, the court ruled that Carlyle had no liability in the lawsuit.<ref>{{cite news |url=https://www.ft.com/content/86b58820-9173-11e7-bdfa-eda243196c2c |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/86b58820-9173-11e7-bdfa-eda243196c2c |archive-date=December 10, 2022 |url-access=subscription |url-status=live |title=Carlyle executives exonerated over collapsed bond fund |last1=DeJarnette |first1=Jordan |newspaper=[[Financial Times]]}}</ref>

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

In ''Fahrenheit 9/11'', Moore makes nine allegations concerning the Carlyle Group.<ref>{{cite web |url=http://www.michaelmoore.com/warroom/f911notes/index.php?id=19 |title=Factual Back-Up for Fahrenheit 9/11: Section Four |first=Michael |last=Moore |website=MichaelMoore.com |archive-url=https://web.archive.org/web/20090627224430/http://www.michaelmoore.com/warroom/f911notes/index.php?id=19 |archive-date=June 27, 2009}}</ref>  Moore focused on Carlyle's connections with [[George H. W. Bush]] and his Secretary of State [[James Baker]], both of whom had at times served as advisers to the firm. The movie quotes author [[Dan Briody]], who claimed that the Carlyle Group "gained" from the [[September 11 attacks]] because it owned military contractor [[United Defense]].<ref name=noeffect>{{cite news |url=https://www.theguardian.com/business/2005/feb/15/film.filmnews  |title=Fahrenheit 9/11 had no effect, says Carlyle chief  |first1=Nils  |last1=Pratley |newspaper=[[The Guardian]]  |date=February 15, 2005}}</ref>  A Carlyle spokesman noted in 2003 that its 7% interest in defense industries was far less than several other [[private equity firm]]s.<ref>{{cite news |url=https://www.theguardian.com/business/2003/mar/23/iraq.theobserver |first=Jamie |last=Doward |title='Ex-presidents club' gets fat on conflict |date=May 23, 2003 |newspaper=[[The Observer]] |access-date=August 21, 2020}}</ref>

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.<ref name=glassman /><ref name=TheEconomist /><ref name=TheGuardian />

==See also==
*[[Cerberus Capital Management]]

==References==
{{Reflist|
refs=
<ref name=glassman>
{{cite news 
| url         = http://www.carlyle.com/Media%20Room/Fact%20Sheet%20Files/item9959.pdf
| title       = 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?
| website     = [[The Washingtonian (magazine)|The Washingtonian]]
| first       = James K. |last=Glassman
| date        = June 2006
| archive-url  = https://web.archive.org/web/20080910093351/http://www.carlyle.com/Media%20Room/Fact%20Sheet%20Files/item9959.pdf
| archive-date = September 10, 2008
| access-date  = February 22, 2014
}}
</ref>
<ref name=TheGuardian>
{{cite news 
| url         = https://www.theguardian.com/theobserver/2002/jun/16/features.magazine57
| title       = Dark heart of the American dream
| newspaper   = The Guardian
| first       = Ed |last=Vulliamy
| date        = May 16, 2002
| archive-url  = https://web.archive.org/web/20080917122104/http://www.guardian.co.uk/theobserver/2002/jun/16/features.magazine57
| archive-date = September 17, 2008
| access-date  = February 22, 2014
| url-status  = live 
| quote       = On 11 September, while Al-Qaeda's planes slammed into the World Trade Center and the Pentagon, the Carlyle Group hosted a conference at a Washington hotel. Among the guests of honour was a valued investor: Shafiq bin Laden, brother to Osama.
}}
</ref>
<ref name=TheEconomist>
{{cite news 
| url         = http://www.economist.com/printedition/displayStory.cfm?Story_ID=1875084
| title       = The Carlyle Group: C for Capitalism
| newspaper   = The Economist
| date        = June 26, 2003
| archive-url  = https://web.archive.org/web/20051212013149/http://www.economist.com/printedition/displayStory.cfm?Story_ID=1875084
| archive-date = December 12, 2005
| access-date  = February 22, 2014
| url-status  = live 
| quote       = 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. 
}}
</ref>
<ref name=TheBookOnBush>
{{cite book
| url         = https://books.google.com/books?id=9GuVyDhlswoC&pg=PT312 
| title       = The Book on Bush: How George W. (Mis)leads America
| publisher   = [[Penguin Books|Penguin]]
| first1      =Eric |last1=Alterman
| first2      =Mark J. |last2=Green
| year        = 2004
| isbn        = 978-1-1012-0081-0
| access-date  = February 22, 2014
| quote       = The extremely influential Carlyle Group has arranged similar gatherings during the previous fourteen years, beneath the radar of most of the mass media, between former politicians like Bush, James Baker, John Major, former World Bank treasurer Afsaneh Masheyekhi, and interested parties looking for some extremely expensive, high-powered lobbying services.  On September 11, 2001, the Group happened to be hosting a conference at a Washington hotel.  Among the guest of honor: investor Shafiq bin Laden, another brother to Osama.
}}
</ref>
<ref name=Nsnbc>
{{cite news 
| url         = http://nsnbc.me/2013/04/30/is-kissing-a-state-sponsor-of-terrorism-a-terrorist-act-political-satire/
| title       = Is Kissing a "State Sponsor of Terrorism" a "Terrorist Act"? Political Satire
| website     = NSNBC
| first       = Michel |last=Chossudovsky
| date        = April 13, 2013
| archive-url  = https://web.archive.org/web/20130502010243/http://nsnbc.me/2013/04/30/is-kissing-a-state-sponsor-of-terrorism-a-terrorist-act-political-satire/
| archive-date = May 2, 2013
| access-date  = February 22, 2014
| url-status  = live 
| quote       = 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.
}}
</ref>
}}

*{{cite web |url=http://money.cnn.com/magazines/fortune/fortune_archive/2006/11/27/8394344/ |title=Private equity, private lives |first1=Geoffrey |last1=Colvin |first2=Ram |last2=Charan |date=November 27, 2006 |website=CNN Money |archive-url=https://web.archive.org/web/20130407021940/http://money.cnn.com/magazines/fortune/fortune_archive/2006/11/27/8394344 |archive-date=April 7, 2013}}
*{{cite web |url=http://privateequityfirms.com/ |title=Private Equity Firms |website=Directory of Private Equity Firms |archive-url=https://web.archive.org/web/20150703140620/http://privateequityfirms.com/ |archive-date=July 3, 2015}}
*{{cite book |first=Dan |last=Briody |author-link=Dan Briody |date=2003 |title=The Iron Triangle: Inside the Secret World of the Carlyle Group |location=Hoboken, N.J. |publisher=John Wiley & Sons |isbn=0-471-28108-5}}
*{{cite news |url=https://www.wsj.com/articles/SB1001546348608890000 |title=Bin Laden Family Could Profit From a Jump In Defense Spending Due to Ties to U.S. Bank |first1=Daniel |last1=Golden |first2=James |last2=Bandler |first3=Marcus |last3=Walker |date=September 27, 2001 |newspaper=The Wall Street Journal |url-status=live |archive-url=https://web.archive.org/web/20010927113410/http://interactive.wsj.com/articles/SB1001546348608890000.htm |archive-date=September 27, 2001}}

== External links==
{{Commons category|The Carlyle Group}}
* {{Official website|https://www.carlyle.com}}
* [https://www.mubadala.com/ Mubadala Development Company]
* [https://mergr.com/private-equity/The-Carlyle-Group Carlyle Group - Mergr Profile]
{{Finance links
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