The Carlyle Group's founders loathe paying taxes, that's well known. They also hate paying management or performance fees. Their S-1 states:
Carlyle partners and employees are permitted to participate in co-investment entities that invest in Carlyle funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable legal requirements. These co-investment entities generally do not require Carlyle partners and employees to pay management or performance fees.
The greed train gathers steam as it whistles toward an IPO. All aboard!
