Tue, Jan. 6, 2:38 PM
- One of today's worst-performing sectors as oil tumbles below $48 per barrel is private-equity. It was late last year Blackstone's Steven Schwarzman told investors he was itching to buy into the dive in energy, a promise he made good on in the first session of this year. In general one would think the plunge is a good thing for the opportunistic types who manage these companies.
- In late December, it was estimated buyout firms had lost a combined $11.7B in 27 publicly traded oil producers since June, and that was with oil nearly $10 higher than it is today.
- ETFs: PSP, PEX
- Other individual names: KKR (KKR -2.1%), Fortress Investment (FIG -2.7%), Apollo Global (APO -3.5%), Oaktree (OAK -3.9%), The Carlyle Group (CG -2.8%), Ares Management (ARES -1.8%).
Dec. 4, 2014, 10:19 AM
- In private-equity, Blackstone (BX +1.4%) and KKR & Co. (KKR +0.9%) post gains after being initiated with Overweight ratings, while Carlyle Group (CG -1%) and Oaktree Capital (OAK -0.5%) are started at Equal Weight.
- Moving onto traditional asset managers, Invesco (IVZ -0.5%) is rated Overweight, while T. Rowe Price (TROW -0.3%), Legg Mason (LM -1.5%), Franklin Resources (BEN -0.9%), and BlackRock (BLK -0.2%) are all started at Equal Weight.
Oct. 30, 2014, 11:14 AM
- It's a second day of post-earnings losses for Carlyle Group (CG -4.3%) as Bank of America throws in the towel on its Buy rating.
- Economic net income rose from a year ago and beat estimates thanks to gains in the private-equity unit as the company cashed in on some stakes, including the $3B sale of Beats Electronics to Apple.
- Earnings, however, fell in Carlyle's hedge fund, real assets, and funds-of-funds segments. Global Market Strategies - which includes hedge funds - had ENI of just $1M, down 88% from a year ago.
Jul. 9, 2014, 9:38 AM
May. 28, 2014, 4:54 PM
- Carlyle Group (CG) is selling 10M shares of its stake in Booz Allen (BAH). After completion of the offering, Carlyle will own about 45.8% of BAH vs. 53% previously. Carlyle's most recent sale of Booz Allen stock was in February at around $18 per share. Today's close was $23.63.
- Source: Press Release
- Booz Allen is lower by 1.6% AH to $23.25.
May. 9, 2014, 7:34 AM
Apr. 30, 2014, 10:14 AM
- Economic net income of $322M or $0.85 per share compares to $394M or $1.02 per share a year ago.
- Dealmaking slows, with $3.1B in asset sales in Q1 vs. $4.1B a year ago, and $1.1B in new investments vs. $2.5B a year ago. Warning of froth in global credit, CFO William Conway, says he doesn't find it healthy or sustainable. Q2, however, may look better, as Carlyle (CG -4.7%) has been fairly active, but the Q1 books closed before the deals did.
- Previously: The Carlyle Group misses by $0.16, beats on revenue
Mar. 26, 2014, 9:51 AM
- Among the movers in the financial sector in the early-going following sell-side moves:
- Lazard (LAZ +1.7%) is boosted to a Buy at Nomura on favorable organic growth trends and market share gains in its advisory business.
- Carlyle Group (CG +5.1%) is upgraded to a Buy at UBS, which cites the push into retail offerings and the significant win with the hiring Michael Cavanagh from JPMorgan. See also: Carlyle eyeing traditional asset manager purchase as it seeks a higher multiple.
- Yadkin Financial (YDKN -1.6%) is lower after KBW rings the register on its Outperform rating.
Feb. 19, 2014, 7:30 AM
- The party continues in private equity, with Carlyle Group (CG) popping 11% premarket after economic net income in Q4 nearly doubled consensus forecasts. Behind the beat are big gains in the carrying value of fund holdings and the harvesting of profits on a number of asset sales.
- $6.3B in carry fund realized proceeds in Q4 brought the total to the year for $17.4B. 6% carry fund portfolio appreciation in Q4 brought the total for the year to 20%.
- $3.8B in new capital was raised in Q4, bringing the year's total to $22B. $2.2B was put to work during the quarter, $8.2B for the year.
- Press release
Aug. 8, 2013, 3:38 PM
- Carlyle (CG -2.8%) slips after Citigroup pulls its Buy rating on the stock citing valuation. The price target is cut to $29 from $32.
- The stock is a notable underperformer when measured against its P-E brethren over the past year, up just 12% vs. Oaktree, KKR, Apollo, and Blackstone all up 40-100%.
- Yesterday: Q2 results.
Aug. 7, 2013, 2:46 PM
- Carlyle Group (CG -1.8%) after-tax distributable EPS of $0.53 is $0.03 short of estimates.
- $6.9B of new capital raised, bringing Y/Y total to $19.7B; $1.3B invested, bringing Y/Y total to $8.8B. $3.9B in realized proceeds, bringing Y/Y total to $19.9B. CEO Rubenstein: "We will slow down fundraising when every single person on Earth is a Carlyle investor."
- Carry fund portfolio up 3% for Q, up 9% in H1.
- "We're now truly beginning to sense a shift among investors in terms of a growing appetite for allocations to alternatives." However, notes co-CEO William Conway, increased competition from entities outside of P-E along with easy access to cash is making it tough to find good deals. Carlyle's investment teams are under orders to stay disciplined, but have also been given leeway to pay more for good assets. (CC transcript) (earnings PR)
Jun. 6, 2013, 11:16 AMThere's more cashing in of chips (previous) in the P-E sector with Carlyle (CG -2.5%) pricing an 11M share secondary of units offered by CalPERS at $27 each. CalPERS no longer owns a stake in Carlyle after having been an investor since 2001. The stock is up 34% since its IPO about a year ago. (PR) | Comment!
Apr. 25, 2013, 1:00 PMInvestors seem pleased with KKR's new payout plan - which doesn't necessarily increase the dividend, but does make it more frequent and predictable - sending the shares 5% higher. KKR is trading meaningfully below its peers (CG, BX), says Sandler O'Neill's Michael Kim, expecting distributions to reach $1.24 this year, implying more than a 6% yield. | Comment!
Apr. 9, 2013, 7:44 AMKKR has joined Blackstone (BX), Carlyle (CG) and other P-E firms to bid more than $12B (~$70.58/share) for Life Technologies (LIFE), NY Post reports, as suitors must make binding offers by today for the maker of laboratory equipment. Last week, Thermo Fisher (TMO) reportedly was the frontrunner with a bid of $65-$70. LIFE +1.9% premarket. | Comment!
Mar. 19, 2013, 2:01 PM
Mar. 15, 2013, 10:35 AM
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