Play The Rise Of The Private Equity Managers With Carlyle Group
Dec. 22, 2015, 3:53 PM
- Claren Road Asset Management suffered another $950M in withdrawal requests this quarter, according to Bloomberg, and the fund will start the year with just $1.25B in AUM vs. $8.5B at the peak in Sept. 2014.
- At issue for the hedge fund - majority owned by Carlyle Group (NASDAQ:CG) - is a 10.1% decline in 2014, and another 5.2% fall in this year's first three quarters.
- Claren Road received redemption requests of roughly $2B in Q3, forcing the fund to delay paying money back in order to minimize the damage to those investors hanging on.
Dec. 16, 2015, 7:33 AM
- "The main driver of our downgrade is our view of a lack of a near-to intermediate term positive catalyst for the shares," says analyst Brian Bedell, cutting Carlyle (NASDAQ:CG) to Hold from Buy, with price target reduced to $16 from $21.
- He notes risk of lower realizations into 2016 and risk of continued subdued performance of three of the company's four business units.
- Since topping out for the year at the start of May, CG is down about 50%.
Dec. 15, 2015, 10:18 AM
- The group is sporting some nasty looking price charts, but Citigroup isn't seeing any dip-buying opportunities just yet.
- The team downgrades Affiliated Managers Group (AMG +4.2%), OM Asset Management (OMAM +0.3%), and the Carlyle Group (CG +2.1%) to Neutral from Buy.
- Waddell & Reed (WDR +1.1%) and Artisan Partners (APAM +0.2%) are downgraded to Sell from Neutral.
- Previously: Asset managers punished in high-yield selloff (Dec. 14)
Dec. 10, 2015, 10:26 AM
- Outliers to the upside in private-equity today are KKR (KKR +3.8%) and Apollo Global (APO +3.9%) as Jefferies initiates coverage on three of the battered sector's names.
- KKR is started with a Buy and $20 price target - 27% upside to last night's close. Apollo is started with a Buy and $19 PT - 25% upside to last night's close.
- The Carlyle Group (CG +0.7%) is initiated with a Hold and $19 price target.
Dec. 8, 2015, 9:52 AM
- With the stock price charts of all three moving sharply down and to the right for several months, Bank of America pulls Buy ratings on Apollo Global (APO -3%), Blackstone (BX -2.6%), and Carlyle Group (CG -1.5%). All are downgraded to Neutral.
- Not completely giving up on the sector, BofA upgrades the equally beaten-down Ares Management to a Buy.
Nov. 23, 2015, 9:38 AM
- Airbus (OTCPK:EADSY) aims to pick a buyer for its defense electronics unit by the end of 2015 as part of its plan to dispose of assets with combined revenues of around €2B, Chief Executive Tom Enders told Frankfurter Allgemeine Sonntagszeitung.
- The final offers for the defense electronics business, which could fetch a price of up to €1B, are due early next month.
- Sources told Reuters that Rheinmetall (OTCPK:RNMBY) has tied up with buyout group Blackstone (BX -1%) to bid for the unit, rivaling private equity groups Cinven, Carlyle (CG +0.5%) and (KKR +0.3%) as well as French peer Thales (OTC:THLEY).
Nov. 17, 2015, 11:43 AM
- Reuters reports banks have withdrawn financing for the $8B sale (announced in August) of Symantec's (SYMC -0.2%) Veritas storage software unit to Carlyle (CG +0.1%). The sale has been expected to close by Jan. 1.
- Symantec hasn't moved much on the report. The market's original reaction to the deal was lukewarm, with Symantec's $1.5B+ expected tax bill sparking criticism. Symantec has promised a large chunk of the deal's $6.3B in expected net proceeds to shareholders, and has suggested it will use some of the remaining funds to make security acquisitions.
Nov. 3, 2015, 8:11 PM
Nov. 2, 2015, 3:14 PM
- Leading the way higher for the roughed-up sector are alternative players like Och-Ziff Capital (OZM +10.1%) and KKR (KKR +9.3%). There's also Blackstone (BX +4.3%), Fortress (FIG +3.2%), Oaktree (OAK +4.2%), and Carlyle Group (CG +7.4%).
- Traditional names like Manning and Napier (MN +11.7%), Affiliated (AMG +2.6%), Waddell & Reed (WDR +2.7%), Virtus Investment (VRTS +3.7%), and Legg Mason (LM +2.3%).
- Many of these names have reported Q3 already, and the results have mostly disappointed. On tap for tomorrow is Och-Ziff.
Oct. 28, 2015, 8:06 AM
- "Q3 economic net income was largely driven by portfolio valuations on the final day of September," says Carlyle Group (NASDAQ:CG) co-CEO David Rubenstein. "Since then global markets and valuations have moved higher."
- Q3 economic net loss of $128M compared to profit of $180 in Q2 and $181M a year ago.
- Distributable earnings of $244M or $0.74 per unit vs. $157M and $0.44 one year ago. Distribution was $0.56.
- Along with the decline in the value of the company's energy holdings and a slowdown in deal flow, Carlyle also booked a charge associated with the struggling Claren Road hedge fund.
- Total AUM of $187.7B down from $192.8B in Q2 and $140.2B a year ago.
- Funds raised of $4.6M in Q3, bringing YTD total to $13.7B. Equity invested of $1.6B bringing YTD total to $4.6B. Realized proceeds of $3.7B bringing YTD total to $14B. Carry fund return of negative 4%, bringing YTD total to +5%.
- Earnings call at 8:30 ET
- Previously: Carlyle misses by $0.07, misses on revenue (Oct. 28)
- CG flat premarket
Oct. 28, 2015, 6:37 AM
- Carlyle (NASDAQ:CG): Q3 EPS of -$0.43 misses by $0.07.
- Revenue of $93.5M (-83.8% Y/Y) misses by $5.05M.
Oct. 27, 2015, 5:30 PM
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Oct. 14, 2015, 4:14 PM| Oct. 14, 2015, 4:14 PM
Oct. 8, 2015, 7:47 AM
- Entergy (NYSE:ETR) agrees to sell its 583 MW Rhode Island State Energy Center to Carlyle Power Partners (NASDAQ:CG) for ~$490M.
- The facility is a natural gas-fired, combined-cycle generating plant that entered commercial service in 2002.
- ETR says it expects to record a net gain of ~$0.50/share, to be classified as a special item, assuming the sale closes in Q4.
Sep. 23, 2015, 7:32 AM
- British aircraft services company BBA Aviation agrees to acquire U.S. competitor Landmark Aviation from Carlyle Group (NASDAQ:CG) for $2.065B, a deal that would make the combined entity the biggest fixed-base operator in the world.
- The deal would merge BBA's Signature Flight Support business, which has the highest number of fixed base operations in the U.S., with Landmark's, which has the third highest.
Aug. 31, 2015, 7:13 AM
The Carlyle Group LP is a diversified multi-product global alternative asset management firm. It advises investment funds and other investment vehicles that invest across a range of industries, geographies, asset classes and investment strategies and seek to deliver attractive returns for its... More
Industry: Asset Management
Country: United States
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