Thursday, May 21, 2009

Bad Kazakhstan Journalism or More Carlyle Group Writedowns?

Carlyle Group co-founder David Rubenstein met with the leader of Kazakhstan. Gazeta.KZ reported:

According to the press service, D. Rubenstein informed the President on the company plans on investment in various branches of the economy of Kazakhstan.

Carlyle Group - one of the largest investment funds, operating the assets for the sum of more than $74.9 billion and specializes in venture investments.

Is the $74.9 billion the most up to date number for Carlyle's assets under management? It was $91.1 billion in late 2008. After write downs, it fell to $85.5 billion. Carlyle's website hasn't changed from the $85 billion number. One might expect a head of state to get the most up to date information.

How did the $16.2 billion plummet happen? Did the nearly 18% fall come from asset write downs? Did any investors pull their stakes? Maybe, new energy rich countries like Kazakhstan and Libya can turn Carlyle's red tide.

Update: The European Bank for Reconstruction & Development is investing in stressed Kazakstan companies. Carlyle is yet to step up, at least publicly.