New York City also made a monster $330 million commitment to the latest flagship fund from the Carlyle Group, Carlyle Partners VI LP. The commitment also includes a sidecar fund, Carlyle Partners VI Side Car LP.Mayor Bloomberg's NYC isn't the only public retirement fund to invest in Carlyle:
The Carlyle Group, which went public in 2012, has targeted $10 billion for its latest mega-fund, which it started raising money that same year. So far, the fund has gathered an impressive array of limited partners, including the Illinois Teachers’ Retirement System, which committed $250 million, the Florida State Board of Administration, which pledged $200 million, the Michigan Retirement Systems, which committed $175 million, the Texas County & District Retirement System, which pledged $75 million, and the New Mexico Public Employees Retirement System, which committed $40 million.
The Carlyle Group's education on its tax structure revealed:
We basically shield our public unitholders -- we at least attempt to shield our public unitholders from state tax obligations, from effectively connected income so that they have a very simple K-1 that they have to accept as a partner in our partnership.These stories came out the same day. Who will connect the dots? Carlyle wants public money but hates paying taxes.
