Recent news from a Pitchbook article is that Carlyle is looking to do a little internal pruning and “cost cutting”, with the last fundraise weaker than the one before it. What’s going on? Any news from inside?
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Bad leadership and culture is catching up with them.
Returns have been below average for years now
Simply tough fundraising market. Fee income / margin is critical to public valuation, so they are looking to cost costs to buffer the share price. For consumer, retail, & media, the returns were dragging the total fund returns given weak performance over the last [5-10] years; hence the more aggressive culling. For the other groups, lower deal volume and the aforementioned fee margin largely drove some of the RIFs.
PE firms are businesses just like the portcos they own. Carlyle will continue to be around for a while and this is just a blip in their history.
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