The Carlyle Group is no longer a private equity underwriter (PEU). The old PEU is now a "global alternative asset management firm" (GAAMF). Not long ago, Carlyle co-founder David Rubenstein proposed "change capital" or "value added equity" as new names for private equity. The firm's top three settled on GAAMF. Ending the acronym with MF could be a disturbing sign.
Don't worry, PEU Report won't become GAAMF Report, not anytime soon. I have to wait for Congress to define private equity and study PEU self regulation as part of "robust" financial reform. That should take two years. Meanwhile, private equity's free pass continues.
PEU Report/State of the Division