Five years ago, Bill Conway had bid Carlyle Group investors a farewell on the company’s third quarter earnings call: “I’m grateful to all of you who participated on these calls for the past 21 quarters with me.”
At the time, Conway and his co-CEO David Rubenstein, two of the private equity giant’s co-founders, had just alerted investors that they were taking a step back from day-to-day management. They had laid out a carefully crafted succession plan that would entrust the leadership of the then-$170 billion private equity and alternative asset manager to Glenn Youngkin, a 23-year U.S. and European buyout vet within Carlyle, and Kewsong Lee, a two-decade Warburg Pincus partner the company had scooped up in 2013.
By contrast, Blackstone Inc and KKR & Co reported a 6.7% and 7% depreciation in their private-equity portfolio respectively.
Carlyle’s share price growth has, however, lagged in the last five years. Blackstone’s shares have shot up more than three times since August 2017 while Carlyle’s has grown about 80%.
Read more: Forbes
