Private Equity · Profile from Private Equity Research Companion
The Carlyle Group Inc.
The Washington, D.C. firm that turned political access, regulated-industry expertise and relentless fundraising into a global, multi-regional private-equity platform — and later wrestled with how to become a modern, diversified alternative asset manager after its founders stepped back.
At a glance
- Founded
- 1987, Washington, D.C.
- Founders
- Stephen Norris, David M. Rubenstein, William E. Conway Jr., Daniel A. D'Aniello (with early partner Greg Rosenbaum)
- Headquarters
- Washington, D.C. (Pennsylvania Avenue); major offices in New York, London, Hong Kong, Tokyo and ~25 others
- Ownership / listing
- Nasdaq: CG (IPO May 2012; C-corp conversion January 2020)
- Leadership (2026)
- CEO Harvey M. Schwartz (since Feb 2023); co-founders Rubenstein, Conway and D'Aniello as non-executive co-chairs/board members
- AUM
- ~$441bn (end-2024), ~$465bn+ reported mid-2025
- Signature deals
- United Defense, Booz Allen Hamilton, Dex Media, Hertz, Kinder Morgan, Axalta, StandardAero; failures: Carlyle Capital Corp, HCR ManorCare
15 deals and moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1989
Caterair International
Carve-Out of Airline Catering
1990
BDM International
Government Services Carve-Out
1997
United Defense
Defence Carve-Out
2002
Dex Media
Telecom Directories Carve-Out
2003
QinetiQ
UK Defence Research Privatisation Stake
2005
Hertz
Carve-Out from Ford
2006
Kinder Morgan
Management Buyout of a Pipeline Giant
2007
Carlyle Capital Corporation
Leveraged Mortgage Fund Collapse
2007
HCR ManorCare
Nursing-Home Take-Private
2008
Booz Allen Hamilton
Government Consulting Carve-Out
2013
Axalta Coating Systems
Carve-Out from DuPont
2016
Atotech
Specialty Chemicals Carve-Out from Total
2018
Nouryon
Carve-Out
2019
StandardAero
Secondary Buyout of an Aerospace MRO Leader
2022
ManTech
Government Services Take-Private