History
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Early history |
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Carlyle was founded in 1987 by five Washington executives: William E. Conway, Jr., Stephen L. Norris, David M. Rubenstein, Daniel A. D'Aniello and Greg Rosenbaum. Rosenbaum left in 1987; Norris left in 1995. The three remaining founders are reported to collectively own around a 50% interest in the group's general partnership. The rest of Carlyle is owned by a group of individuals, most of whom serve as managing directors, and by two institutional investors.
In 2001, the California Public Employees' Retirement System (CalPERS) acquired a 5.5% holding in Carlyle's management company for $175 million. The investment was valued at approximately $1 billion by 2007 at the height of the 2000s buyout boom.
Lou Gerstner, former chairman and CEO of IBM and Nabisco, was appointed chairman of Carlyle in January 2003 and served in that position through October 2008. Gerstner remains with Carlyle as a senior advisor.
In September 2007, Mubadala Development Company, an investment vehicle for the government of Abu Dhabi of the United Arab Emirates, purchased a 7.5% stake for $1.35 billion.
In November 2008, The Carlyle Group was named Private Equity firm of the year in the U.S. at the Financial Times-Mergermarket 2008 M&A Awards.
In 2000, Carlyle entered into a joint venture with Riverstone Holdings, an energy and power focused private equity firm founded by former Goldman Sachs investment bankers. In March 2009, New York State and federal authorities began an investigation into payments made by Carlyle and Riverstone to placement agents allegedly made in exchange for investments from the New York State Common Retirement System, the state's pension fund. It was alleged that these payments were in fact bribes or kickbacks, made to pension officials who have been under investigation by New York State Attorney General, Andrew Cuomo. In May 2009, Carlyle agreed to pay $20 million in a settlement with Cuomo and accepted changes to its fundraising practices.
In October 2012, Carlyle Group sold its remaining stake 3.7% stake in Housing Development Finance Corporation for a fee of around $841 million.
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Famous quotes containing the word history:
“If man is reduced to being nothing but a character in history, he has no other choice but to subside into the sound and fury of a completely irrational history or to endow history with the form of human reason.”
—Albert Camus (1913–1960)
“The basic idea which runs right through modern history and modern liberalism is that the public has got to be marginalized. The general public are viewed as no more than ignorant and meddlesome outsiders, a bewildered herd.”
—Noam Chomsky (b. 1928)
“The history is always the same the product is always different and the history interests more than the product. More, that is, more. Yes. But if the product was not different the history which is the same would not be more interesting.”
—Gertrude Stein (1874–1946)