Saturday, July 13, 2019

Blind Items Revealed #3

July 3, 2019

After initially making lots of statements, this manager has gone radio silent when it comes to the source of funding for his investment.

Scooter Braun/Carlyle Group


codyave said...

WaPo: "Government of Abu Dhabi Buys Stake in Carlyle"
September 21, 2007
by Thomas Heath

Private-equity giant Carlyle Group said yesterday that it is selling a 7.5 percent share of its general partnership to an investment group owned by the government of Abu Dhabi.

The $1.35 billion sale to Mubadala Development is only the second time the Washington firm has allowed an outsider to buy into its highly profitable partnership. Carlyle sold a 5.5 percent stake to the California Public Employees' Retirement System (Calpers) in 2001 for $175 million.

The Mubadala investment values the privately held Carlyle at $20 billion. That is about six times the partnership's value when it sold the stake to Calpers.


Carlyle has long taken on Middle Eastern investors in its funds, including the Abu Dhabi government, and made headlines when it bought out the bin Laden family's interest after the Sept. 11, 2001, terrorist attacks.

Before yesterday's announcement, Carlyle's 60 partners owned close to 95 percent of the company's shares, and Calpers owned the rest. But both allowed the value of those shares to be reduced to make room for the Abu Dhabi investment, according to a Carlyle source who spoke on condition of anonymity because the source was not authorized to speak about specifics. A Carlyle statement said the Mubadala deal includes "value-related protective rights," which protects the company if the value of its investment falls below $20 billion.

Calpers, which has seen its $175 million investment grow to an estimated $1 billion, said it approved of the transaction.

"We generally don't comment on ownership interest in private companies," said Calpers spokesman Clark McKinley. "However, we are very pleased with our overall global investment relationship with the Carlyle Group. This latest transaction is proof that the firm has built significant value for its investors."

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