Thursday, March 17, 2022

Carlyle Group has Russian Money via Concord

reported that Russian oligarch money went to Concord Management LLC for investment in U.S. private equity underwriters (PEU) and hedge funds.

Concord Management, whose representatives declined to comment, appears to be devoted almost entirely to managing the money of a small handful of ultrawealthy Russians.

The unregistered investment firm has been operating since 1999 with a staff of about two dozen. It specializes in investing in hedge funds and real estate funds run by private equity firms, according to online profiles of current and former Concord employees.

Concord has steered its clients’ money into marquee financial institutions: global money manager BlackRock, private equity firm Carlyle Group and a fund run by John Paulson, who famously anticipated the collapse of the US housing market. Concord also invested with Bernard Madoff, who died in prison after being convicted of a vast Ponzi scheme.

“But when these lucrative contracts are out there, it gets to be too much for some people, and they can turn a blind eye to any atrocity.”

“The implication of sanctions being imposed on Russia and its oligarchs is just rippling through the private fund community.”

Carlyle co-founder David Rubenstein can dial up the White House and get his phone call answered.  Will he PEU of Ukrainian descent non-lobby on behalf of his Russian L.P.'s?   The greed and leverage boys are known for pursuing profits regardless of societal cost.  I expect the ripple to be a relatively silent one in our PEU world. 

Politicians Red and Blue love PEU and increasingly, many are one.

Update 3-22-22:  Russian oligarchs used shell companies to invest in Western hedge funds and PEUs.