Monday, June 1, 2015

Carlyle Chiefs to Cash in Partnership Units

Seeking Alpha reported:

The Carlyle Group L.P. (Nasdaq:CG) ("Carlyle") today announced an offering of 7,000,000 common units by Carlyle. Citigroup and J.P. Morgan will act as underwriters for the offering. Carlyle intends to use the net proceeds from the offering to purchase an equivalent number of outstanding Carlyle Holdings partnership units from existing unit holders, including certain of its directors and executive officers.
PEU founders are monetzing a portion of their equity stake.  WaPo reported:

Two co-founders of the Carlyle Group sold 2 percent of their respective shares in the publicly traded asset management firm, pocketing around $31 million each at Monday’s closing price.

It is only the second time since the firm has been publicly traded that Carlyle has lifted a self-imposed restriction on partners selling their ownership stakes.

Firm chairman Daniel A. D’Aniello and co-chief executive William E. Conway Jr., each sold around 1 million shares, or about 2 percent of their respective holdings. They each own around 45 million shares of Carlyle.
Co-founder David Rubenstein held onto to his remaining stake.

Carlyle has 322 million shares in all, of which only the 78 million are in the public markets.
 Lots more monetization to come.