Wednesday, December 14, 2022

Carlyle Group News

FT reported that Carlyle's fundraising for a $22 billion U.S. buyout fund has slowed and the deadline has been extended until August 2023.  

Carlyle funded Litmus Music bought Keith Urgan's music and the artist is quoted in a press release as excited about the deal (in contrast to Taylor Swift).


Carlyle Group co-founder David Rubenstein went on CNBC to talk about FTX's implosion and save his family office's crypto infrastructure investment.  Not stated in the interview is Declaration Partners stake in Paxos.  Sam Bankman-Fried also owned equity in Paxos through MacLaurin Investments Ltd.  Paxos has not said if they will return the $5 million to help make FTX victims whole.

Oddly, SBF (effective altruism) and Rubenstein (patriotic philanthropy) highlight their contributions to charity. The two peers incensed investors with major bankruptcies, FTX ($32 billion) and Carlyle Capital Corporation ($21 billion), and both wanted to earn investor money back.

CNBC hosts seemed surprised by Rubenstein's soft handling of FTX investors due diligence, or lack thereof.   He has an investment to save.  Also, Rubenstein knows how quickly an asset valuation implosion can take down even a Carlyle investment (CCC, Moroccan oil refinery inventory).

David Rubenstein was also soft on SBF in a September interview on Bloomberg.  They didn't talk about their Paxos stakes or Bankman-Fried's hitting up Declaration Partners for a stake in FTX.  There is much unsaid as Rubenstein works behind the scenes to carve out a profitable future for Paxos.