Carlyle Group LP (CG:US) will begin marketing its initial public offering as soon as next week by sending three teams on a worldwide tour to pitch potential investors, said one person familiar with the plans.
One of Carlyle’s three founders will join each of the teams, said the person, who declined to be named because the process is private. The firm, which has been gauging public investors’ appetite since last year, is targeting an IPO in early May, the person said. Carlyle’s underwriters have completed their valuation work, which will help set a price range for the stock offering, the person said.
Carlyle, which has expanded outside of its main private- equity business and added assets to attract public shareholders, may delay the roadshow if investors aren’t receptive to Oaktree Capital Group LLC (OAK:US)’s IPO, scheduled for April 11, and if the stock market continues to decline, the person said. The Standard & Poor’s 500 Index fell for a fifth straight day today, its longest losing streak since November. Carlyle has been weighing a public offering since 2007 and put those plans on hold because of the financial crisis.
Chris Ullman, a spokesman for Washington-based Carlyle, declined to comment.
Assets Under Management
Carlyle’s assets under management have more than tripled to $147 billion since 2006, compared with about $166 billion for Blackstone Group LP. (BX:US) The 25-year-old firm and rivals such as Blackstone and KKR & Co. (KKR:US) are lowering fees or offering deals as they vie for investors for their buyout funds.
Revenue rose 1.7 percent to $2.85 billion last year, according to a Carlyle regulatory filing dated March 14. Net income fell 11 percent to $1.36 billion from a year earlier.
Co-founded in 1987 by David Rubenstein, William Conway and Daniel D’Aniello, Carlyle would be at least the fifth buyout firm to go public since Fortress Investment Group LLC (FIG:US) in 2007.
Carlyle’s stock will trade on the Nasdaq Stock Market under the symbol CG. The company’s original IPO filing indicated the firm planned to raise as much as $100 million, a placeholder amount used to determine fees. Carlyle hasn’t set a price range or the number of shares it plans to offer.
IFR reported the timing of the road show earlier today.
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