Carlyle Group Tops Private Equity Table

Did you know there was a magazine called Private Equity International? Of course

there is, and of course it’s making headlines with that favorite trope of all

magazines: a list. Of the world 50 largest private-equity companies. And the

winner is… Carlyle

Group! Applause, please for David Rubenstein and his co-founders:

finally they’ve managed to overtake Kohlberg Kravis Roberts, at least by one


I like the metric, actually: total funds raised over the past five years. Keeps

people on their toes, doesn’t let them coast along on money raised back in the

1980s. But really its’s a four-way tie for first place, with Goldman Sachs and

Blackstone Group joining the list of shops who’ve raised $30 billion, give or

take, since 2002.

Just remember, on a 2-and-20 basis, $30 billion of assets under management

gives you $600 million a year before you make a single penny in profit. If you

return 40% a year, as some of these shops do, then your income rises to $3 billion.

Per year. Mostly taxed at the 15% capital gains rate. Nice work if you can get


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