The Carlyle Group

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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. 29, 2015, 6:32 AM
  • 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. 28, 2015, 9:23 AM
  • 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. 22, 2015, 3:37 PM
  • 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. 13, 2015, 11:41 AM | 11 Comments
  • 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).
    | Jul. 7, 2015, 6:41 PM | 2 Comments
  • 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. 16, 2015, 2:57 PM | 9 Comments
  • 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. 9, 2015, 11:31 AM
  • 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. 8, 2015, 8:04 AM | 6 Comments
  • 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.
    | Jun. 1, 2015, 4:56 PM
  • May 26, 2015, 8:23 AM
    • Carlyle Group (NASDAQ:CG) owns 85% of the Spanish telecom firm which operates in Asturias in northern Spain. With several small telecom operators in that area, analysts say things are ripe for consolidation, and Reuters reports Carlyle has hired Goldman Sachs to advise on a sale.
    | 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)
    | May 11, 2015, 10:45 AM
  • 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, 7:52 AM
  • 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. 29, 2015, 6:37 AM
  • 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. 27, 2015, 4:49 PM
  • 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. 16, 2015, 4:37 AM
  • 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)
    | Apr. 6, 2015, 5:39 AM
Company Description
The Carlyle Group L P is a diversified multi-product asset management firm. The Company operates its business across four segments; Corporate Private Equity; Global Market Strategies; Real Assets; and Solutions.
Sector: Financial
Country: United States