Tuesday, December 6, 2011

Carlyle's 2011 IPO Falls into 2012?

The Carlyle Group's planned independent public offering (IPO) will leak into 2012.  CNBC reported:

According to data-provider Dealogic, 79 of 119 this year’s IPOs, or 66 percent, are currently underwater.

Carlyle monetized numerous affiliates in 2011, before debt and IPO markets began to freeze.  As expected private equity had another banner year, according to Efinancial News:

In the year ending June 30, developed markets funds returned 36.9%, compared with 29.9% returned by emerging markets funds.
Add Carlyle's nearly tax free status and the PEU boys had a very good first half of the year.  The second half looks tepid, given Carlyle's assets under management fell from over $153 billion to $148 billion.  I take it some people chose not to reinvest or mark to market valuations bit into Carlyle's AUM.  Carlyle's next S-1/A might shed light on the situation.  Then again, it may not.

Update 12-7-11:  Investors may wish to check out the state of PEU frenzy deals closed between 2006 and 2008