Sunday, 3 May 2015
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Apr 11 2012 | 1:29pm ET
The Carlyle Group will settle for a valuation far lower than it had originally sought when it begins marketing its initial public offering.
The private equity giant plans to begin selling itself to investors as early as next week. Carlyle hopes to raise about $1 billion by selling about 10% of itself, but has drastically lowered its valuation target.
The $150 billion firm had been pushing for a valuation comparable to—or higher than—that of the Blackstone Group, which went public five years ago. But now it is looking for a valuation of between $7.5 billion and $8 billion, less than half Blackstone's market value. It's also less than the roughly $10 billion valuation it used in a debt sale in December 2010, and Carlyle's implied enterprise value of $9.4 billion.
Blackstone had a valuation of $33.5 billion when it went public in 2007, although now the market values the firm at just $16.4 billion.
Carlyle has engaged 21 underwriters for its IPO, led by Citigroup, Credit Suisse and JPMorgan Chase.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…