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Jul. 29, 2015, 6:32 AM
- Carlyle (NASDAQ:CG): Q2 ENI of $0.55 beats by $0.01.
- Revenue of $663M (-26.3% Y/Y) misses by $16M.
Jul. 28, 2015, 9:23 AM
- Influential hedge fund consultant Cliffwater LLC has advised clients invested in Carlyle Group's (NASDAQ:CG) Claren Road Asset Management to pull their money. The details of Cliffwater's about-face - the group was a strong proponent of Claren Road not long ago - aren't known, but Claren Road's flagship fund lost 4.9% in June, and shed 10% last year.
- Claren Road has $4.9B in AUM, and Cliffwater has clients with about $800M of that. As recently as September, Claren Road had $8.5B in AUM, but soured bets on Greece and the GSEs have stung results.
- Cliffwater's call doesn't necessarily mean a rush of redemptions at Claren, as some clients could ignore it, and others have their own bureaucratic hoops to jump through before making a decision to pull money.
- Carlyle purchased a 55% stake in Claren Road in 2010, part of a move to diversify beyond LBOs.
- Source: WSJ
Jul. 22, 2015, 3:37 PM
- Carlyle Group (CG -1.7%) is teaming up with TCW Group (majority owned by Carlyle funds) to offer three mutual funds giving ordinary investors access to hedge fund-style bets. The move comes a few months after Carlyle shut two so-called liquid alternative mutual funds after neither garnered much in the way of assets.
- Carlyle's P-E brethren are also making a retail push, though none have made much success out of it yet.
- The TCW/Carlyle Trend Following Fund, the TCW/Carlyle Liquid Tactical Fund, and the TCW/Carlyle Absolute Return Fund are the three upcoming vehicles.
- Source: Bloomberg
Jul. 13, 2015, 11:41 AM
- The team at Morgan Stanley has "high conviction" headed into earnings season on Bank of America (BAC +1.6%), Carlyle Group (CG +1%), and MSCI (MSCI +0.7%).
- Bank of America has 20% upside to Morgan's $20 price target, they say, the highest potential upside of all the large cap banks. Catalysts: 1) Lower expenses; 2) Rising rates; 3) Fuller valuation of the wealth management unit.
- Carlyle is the best-positioned in the alternative management space, also with potential 20% upside to the $33 price target.
- In addition to strong operations, MSCI could see further upside from the announcement of a new buyback program.
Jul. 7, 2015, 6:41 PM
- Bloomberg reports Symantec (NASDAQ:SYMC) is "nearing a deal" to sell its Veritas storage software unit (currently set to be spun off) to P-E firm Carlyle (NASDAQ:CG) for $7B-$8B. For reference, Symantec closed today with a $15.4B market cap.
- Deal terms are still being negotiated. Symantec hasn't been shy about its willingness to field offers for Veritas, which was acquired for $13B+ in 2005. Reuters reported in April tax concerns had hurt buyout interest.
- Symantec has risen to $23.40 AH. The company's Information Management ops had FY15 (ended in March) revenue of $2.56B (+1% Y/Y).
Jun. 16, 2015, 2:57 PM
- An earlier report from Reuters has Blackstone (NYSE:BX) and The Carlyle Group (NASDAQ:CG) making a joint bid to take out NCR for more than $10B, and NCR is up 10.7% on the news. Also mulling a bid are Apollo Global (NYSE:APO) and Thoma Bravo, according to Reuters.
- Previously: NCR +14.8%; Blackstone, Carlyle reportedly making joint bid (June 16)
Jun. 9, 2015, 11:31 AM
- Carlyle Group (NASDAQ:CG) is pitching clients about interest in a "core-plus" U.S. real estate strategy targeting returns of 9-11%, says co-founder David Rubenstein.
- Competitor Blackstone manages more than $5B in core-plus real estate after starting its offering in 2013, and believes the strategy could have $100B in AUM in a decade.
- Carlyle currently manages about $15B in real estate, with an "opportunistic strategy" targeting returns of 15-20%.
- Source: Bloomberg
Jun. 8, 2015, 8:04 AM
- A list of external managers used by the $305B retirement system includes giants like KKR, Carlyle Group (NASDAQ:CG), and Blackstone (NYSE:BX).
- The industry bellwether today will make public plans to reduce to 100 from 212, the direct relationships it has with private-equity, real estate, and other external funds, reports the WSJ.
- The move - coming under the leadership of CIO Ted Eliopoulos who took the reins last year - won't necessarily change Calpers' investment strategy nor the amount of assets managed internally vs. externally. The 100 left will just get a bigger pool of funds to manage, though they likely will be pushed to lower fees.
- As recently as 2007, Calpers had about 300 external managers.
Jun. 1, 2015, 4:56 PM
- Carlyle Group (NASDAQ:CG) announces a 7M unit secondary offering, with proceeds to be used to buy an equivalent number of outstanding Carlyle Holdings partnership units from existing unit holders, including certain of its directors and executives.
- Carlyle will retain no proceeds from the offering.
May 26, 2015, 8:23 AM| May 26, 2015, 8:23 AM
May 11, 2015, 10:45 AM
- "We have a deep bench of talent," says a Carlyle Group (CG +0.1%) spokesman, after Mike Cavanqgh's quick exit as the company's co-president to become CFO at Comcast.
- Cavanagh only a little more than a year ago, reminds Dan Primack, stunned Wall Street by exiting JPMorgan (where he was considered the heir apparent to Jamie Dimon) to take the newly-created role at Carlyle. For now, it appears Carlyle has no plans to replace him, and Glenn Youngkin will move forward as the sole president.
- With Cavanagh's exit, says Primack, two of the group of five expected to be the next generation of Carlyle's leadership - and for whom Carlyle created an entire financial structure to retain them - have now left (CFO Adena Friedman exited in May to join Nasdaq).
- It's more likely than not these are one-offs - Friedman returning to Nasdaq and Cavanagh maybe preferring life at a giant company - rather than structural issues at the P-E firm, says Primack, but nevertheless, things aren't going as planned for Carlyle's co-founders.
- Previously: Comcast names Cavanagh to CFO post (May 11)
Apr. 29, 2015, 7:52 AM
- Q1 economic net income of $273M down 13% from a year ago. Distributable earnings of $148M down 19%. A French tax judgement negatively impacted ENI by $34M and distributable earnings by $80M. The judgement is being appealed.
- Q1 funds raised of $4.4B. Total AUM of $192.7B. Fee-earning AUM of $129.4B. Equity invested during quarter of $1.5B.
- Realized proceeds during quarter of $4.6B. Carry fund returns of 6% for quarter, 15% over trailing 12 months.
- Conference call at 8:30 ET
- Previously: Carlyle beats by $0.21, beats on revenue (April 29)
- CG flat premarket
Apr. 29, 2015, 6:37 AM
- Carlyle (NASDAQ:CG): Q1 EPS of $0.91 beats by $0.21.
- Revenue of $884.9M (-1.3% Y/Y) beats by $88.62M.
Apr. 27, 2015, 4:49 PM
- Upon completion of the offering, Carlyle (NASDAQ:CG) will continue to hold 20.775M partnership units in CoreSite's (NYSE:COR) operating partnership - translating into a stake of 43.9% of the common stock (or 42.5% if the underwriters exercise their 675K share greenshoe).
- CoreSite will receive no proceeds from the offering.
- CoreSite is higher by 28% YTD, 63% Y/Y, and 200% since the IPO 4+ years ago. Bravo Carlyle.
Apr. 16, 2015, 4:37 AM
- Carlyle Group (NASDAQ:CG) has enlisted Mike Duke, former Chief Executive of Wal-Mart, to the executive team the asset management firm taps for advice on consumer products and retail deals.
- The position as a so-called operating executive will allow Duke to still continue as a member of Wal-Mart's board, where he has served since his retirement in early 2014 after five years in the top job.
Apr. 6, 2015, 5:39 AM
- Chinese online game developer Shanda Games (NASDAQ:GAME) has agreed to be taken private by Capitalhold in a deal worth $1.9B.
- Capitalhold will pay $3.55 per ordinary share and $7.10 per ADS for Shanda, a premium of 46.5% to Shanda's 30-day average trading price.
- The deal brings to an end a year-long saga during which Shanda Games was courted by its parent Shanda Interactive, backed by Carlyle Group (NASDAQ:CG) and Fountainvest Partners.
- Previously: Shanda M&A consortium gets more members (March 16)
- Previously: Carlyle, Fountainvest and others pull $1.9B bid for Shanda Games (Sept. 3, 2014)
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