The Carlyle Group's 2009 Annual Report hit the wires. It was the best of times, despite it being the worst of times for the politically-connected private equity underwriter (PEU). Carlyle "raised" over $15 billion in the economic depression. Here's their slant:
Despite the challenges in the fundraising markets, Carlyle had final closes on nine funds totaling $15.6 billion in capital commitments from January 2009 through March 2010. The funds include:
Carlyle Asia Partners III, L.P. at $2.55 billion
Carlyle Asia Growth Partners IV, L.P. at $1.04 billion
Carlyle Asia Real Estate Partners II, L.P. at $485 million
Carlyle Global Financial Services Partners, L.P. at $1.1 billion
Carlyle MEN A Partners, L.P. at $500 million
Carlyle Mezzanine Partners II, L.P. at $553 million
Riverstone/Carlyle Global Energy and Power Fund IV, L.P. at $6.0 billion
Riverstone/Carlyle Renewable and Alternative Energy Fund II, L.P. at $3.4 billion
A small global credit fund.
Despite their citation of Carlyle as "an industry leader in accountability, transparency and corporate responsibility,” the report failed to mention $70 million in settlements regarding a New York pension "pay to play" investigation. Here's that breakdown:
1. Carlyle Group--$20 million
2. Riverstone Holdings--$30 million
3. David Leuschen, founder of Riverstone--$20 million
The report mentioned the BankUnited deal and it winning the "Financial Institution Deal of the Year Award." Carlyle stated:
Florida’s BankUnited was reestablished as a strong and well-capitalized bank as the result of an investment made by Carlyle and other investors in 2009.
It failed to cite $4.9 billion in FDIC subsidies, a considerable source of capital. Uncle Sam is a major benefactor for Carlyle. That is one of many facts not illuminated in this transparent report. Carlyle went light on their failures.
