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.
Read more about this topic: Carlyle Group
Famous quotes containing the word history:
“Tell me of the height of the mountains of the moon, or of the diameter of space, and I may believe you, but of the secret history of the Almighty, and I shall pronounce thee mad.”
—Henry David Thoreau (1817–1862)
“History does nothing; it does not possess immense riches, it does not fight battles. It is men, real, living, who do all this.... It is not “history” which uses men as a means of achieving—as if it were an individual person—its own ends. History is nothing but the activity of men in pursuit of their ends.”
—Karl Marx (1818–1883)
“False history gets made all day, any day,
the truth of the new is never on the news
False history gets written every day
...
the lesbian archaeologist watches herself
sifting her own life out from the shards she’s piecing,
asking the clay all questions but her own.”
—Adrienne Rich (b. 1929)