Carlyle Group Goes Red - Dealbreaker

Carlyle Group Goes Red

“Chinese Communist Party” is the new capitalist management rage.
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By Converted from Image:Flag of the Chinese Communist Party.svg by User:PhiLiP with Inkscape. Outline added for visibility by User:Henry Dorsett Case [Public domain], via Wikimedia Commons

By Converted from Image:Flag of the Chinese Communist Party.svg by User:PhiLiP with Inkscape. Outline added for visibility by User:Henry Dorsett Case [Public domain], via Wikimedia Commons

Ray Dalio’s not the only one finding inspiration in eastern philosophy, specifically the philosophy of Mao Zedong. The founders of the Carlyle Group are beginning to realize that, unlike actual Chinese Communist Party chief Xi Jinping, they cannot run the show forever. And so they have unveiled a range of Byzantine C-suite changes to prepare for their inevitable dotage and demise to create their very own Politburo just five blocks from the White House! The president was right after all.

Try to keep up: co-founders William Conway and David Rubenstein are handing off their co-CEO jobs to Glenn Youngkin and Kewsong Lee, while becoming co-executive chairman themselves. Chairman Daniel D’Aniello is adding the word “emeritus” to that title while Conway will also get a co-chief investment officer in Peter Clare. How exactly these six men will run one of the world’s largest private equity firms is something of a mystery, and that’s sparking a full-on red scare.

Carlyle is putting socialism at the heart of capitalism…. As with the seven men who run the top committee of China’s Communist Party, the exact division of labor will become clear to outsiders only with time, if at all….

The company now looks top heavy. Although Lee and Youngkin will have full responsibility for its performance, their elders won’t be far away. Where some firms like Goldman Sachs and JPMorgan combine the roles of chairman and chief executive in a single individual, Carlyle now has no fewer than five people with claims on jobs normally done by two. It remains to be seen whether socialism with Wall Street characteristics is a winning formula.

Yup, nothing says “socialism” like three of the wealthiest men on earth deciding to eventually retire to enjoy that wealth and promoting three long-time investment professionals to run the porn shop.

Buyout collective [BreakingViews]
Carlyle Group unveils new leadership as founders step back [Reuters]

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