Banks pitch to underwrite Carlyle's $1b IPO

Morgan Stanley, Citigroup, Merrill Lynch and Credit Suisse worked on Blackstone's offering in 2007, while Goldman Sachs, JPMorgan and Bank of America Merrill Lynch coordinated Apollo Global Management's IPO earlier this year. Carlyle would likely opt for a similar number of underwriters.

The private equity firm was valued at $20 billion in September 2007 when an investment unit of the Abu Dhabi government purchased a 7.5% stake. No information about profitability and management fees has been released since the global financial crisis, although Calpers paid $334 million for a 5.5% holding in June 2010, suggesting a value of $6 billion.

Carlyle has moved to diversify its business in recent years. It bought Claren Road Asset Management, a $4.5 billion credit hedge fund, in December and acquired private equity fund of funds AlpInvest Partners the following month. Yesterday it purchased 55% of Emerging Sovereign Group (ESG), a US-based hedge fund manager.

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• Topics
• Financials
• North America
• The Carlyle Group
• The Blackstone Group