How long for Carlyle to wind down?
Last year associate at a top BB and still yet to work with a decent Carlyle portco.
It's almost a joke what they've done with some investments in the broader industrials space, building materials, consumer and others.
Then you have to deal with unrealistic value expectations from their teams trying to get 1.5x MoM from investments that are clearly worth less than what they paid 5 years ago (hint: lots of deserted auctions, desperately trying to move stuff to continuation funds, etc)
Sure, they've got the brand and Rubinstein tries to be cool on YouTube - but how can LPs still fall in the trap?
What about their HC team?
bump
A long, long time.
Carlyle is one of few shops that LPs will never get flack for investing in.
Not true...Carlyle is actually one of the large cap funds that everyone admitted has fallen from grace. They struggled to raise their last fund, had to do some restructurings and lay off a good bunch of people, and pulled out of Consumer
If they are not able to show recovery, LPs can just go to other large cap funds that are 'safer' to park their money
You cannot survive in PE anymore just by brand name...look at some of the most respectable names that are suffering right now
What other respectable firms would you say are struggling?
Their portfolio is actually hilarious - what’s even more wild is outside of PE, they have tried to build up other products areas and completely fallen down on their face. Best move would be an acquisition by another asset manager imo
Their new heads of americas PE are kind of clowns
Beyond even just where their marks are, I find their team structure a little…bizarre. I get that PE is a reverse funnel but it’s a bit ridiculous in their DC office. Of the three verticals there, their tech team is like 6 bodies desperately strewn across various offices, their industrials team is like 3 midlevels, and A&D is…2? I get that they’ve always been leaner but when your execution team is smaller than ACP’s next door in similar verticals, it’s hard to say you’re competitively positioned to deploy a true megafund while monitoring a sizable portfolio.
If you think NAPE is bad, just look at their Europe returns
Number one rule in investing is don’t lose money
Hey, I have started the process as well. Any further insight? Thanks
bump - any insights on the interview process?
I am based in Europe so know their Europe PE is a disaster (Europe tech is ok though), but is their US PE also bad???
Yes
Any have more insight on this? Always super interesting to hear why such a large name fund would perform badly
a large name fund and performance aren't correlated
bottom line is that the people at a fund make things happen, and Carlyle isn't the fund that the most hungry seniors look to join / stay
Most large (publicly traded) firms performance is no better than just buying SPY and their latest 2-3 vintages are all 3rd/4th quartile. They're just an asset manager looking to increase mgmt. fees as much as possible.
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