Breakingviews

Carlyle descends into a public-private inferno

April 4, 2014

The mayor of a U.S. city once called Hellgate is using eminent domain to try and seize the local water utility the buyout firm acquired in 2011, a deal he backed. The clash shows why joint efforts between governments and investors to improve infrastructure don’t proliferate.

Short memories finance private equity payouts

By Guest Contributor
November 2, 2010

In their zealous quest for Treasury-topping returns, investors seem to have forgotten recent lessons.

Private equity at 4-and-20? Think twice

March 13, 2013

A new vehicle will open Carlyle’s funds to smaller investors, at a total cost far higher than institutions pay the buyout shop. While the firm’s long-term IRRs, after fees, are nearly 20 pct, today’s reality is less inviting. The structure could be risky for Carlyle, too.

Private equity titans revel in Great Separation

November 8, 2013

A blowout quarter at Leon Black’s buyout shop helped it stand out from rivals. Investors are finally starting to distinguish among Apollo, Blackstone, Carlyle and KKR. That should be a welcome change even if it reflects some short-term thinking about a long-term business.