Anyone have any info on this group? General outlook, how much capital they have to deploy, deal activity, comp? Looks like they invest through their BDCs. Are there any differences vs. direct lending via LP capital?
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They are fine. Probably a tier below some of the other top credit funds (Ares, BX, HPS, Owl Rock, etc.), but they are active and have enough capital to stay busy. I presume they have other sleeves of capital outside of the BDC. Like most other direct lenders they probably show up with a bunch of funds and allocate across every deal.
Any involvement of the DC office in Direct Lending? Currently an Associate with home base in VA and interested in UMM/MM credit opportunities in DC/VA region
I work at CG in the DC office. While I'm not at liberty to disclose specifics, our DL team is rock-solid. You're correct about the BDC ratio, they're not my subset but IIRC we hold around 85% of our bucket in private groups, usually hovering within the $100m-$1b valuation range. The one thing about DL (from an activity standpoint, per your question) is that activity is usually pretty predictable and stagnant simply due to the low volatility rating of said groups - we're obviously not looking to split shares on a minutes market. If I had to guess (again, this isn't really my department), we usually raise through a lower fixed-rate (maybe 300-400bps?) or other bonds. IPOs exceptionally rare, but third basis. Run-of-the-mill stuff, but on a grander scale than you'd get at any regular MM/UMM. I'm not sure of the total insweep and size for actual numbers, but if I did, I couldn't really share - no hard feelings!
I will touch that I know several guys over on the direct lending & global credit side of things, and they're an exceptionally solid team to work for. Comp is a smidgen below what you'd get at KKR, but hey - we're Carlyle, we've been underpaying people for years! If you're willing to take a small haircut on a bonus, I can personally attest that you'll meet some fantastic people and I do love the culture here. Just my personal take. Best of luck.
never interacted with someone from their direct lending team who wasnt from nyc
Just wondering if you have any info on other MM/UMM DL Shops in DC? Currently looking but it seems like most are in nyc. Thanks
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It is growing quickly, but I have heard it is a sweatshop.
The leadership in that group seems to turn over every ~2-3 years (including very recently), which always struck me as odd. That said, I always got the impression that they were a solid group in the times I've crossed paths with them.
This..agree seems like it happen every 2-3 years. I also heard that the culture is terrible but this was when was a couple years ago. Things could have changed.
I’ve worked on a deal or two with the Carlyle guys, very sharp. But, I still hear that the culture and hours are brutal over there…would avoid
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