2010 Annual Report - The Carlyle Group

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Our culture ofperformance hasenabled us todeliver a top-tiertrack record acrossall economic cyclesand build trustwith our investors.16 The Carlyle group
section one PerformanceAt Carlyle, performance is woven into our culture. For more than 24 years,we have worked to create value in every investment and deliver strongreturns for every investor.Through constant innovation, deep experience and global collaboration, Carlyle hasgrown from $5 million of capital in 1987 to $106.7 billion of assets under managementin 84 funds across 19 countries as of December 31, 2010.Carlyle has performed well by pursuing a disciplined investment strategy and process.We target a diversified range of investments in multiple geographic regions, seekingout companies with leadership positions in their product areas, forming strategicpartnerships to access new opportunities, deploying our deep expertise in globalcredit and creating value around the world. Together with our partners and otherprofessionals, we invest alongside our investors—further aligning our interests—committing more than $4 billion of our own after-tax dollars to our funds.Creating value and delivering strong performanceOur efforts to protect and enhance the value of our investments during the downturnpaid off. Carlyle investment professionals worked closely with portfolio companymanagement to help effectively allocate resources and implement strategies to improveproductivity. As a result, a number of our portfolio companies generated stronggrowth and financial performance, creating opportunities to exit investments that webelieve had achieved significant value.In 2010, Carlyle sold its ownership stake in 32 investments across our CorporatePrivate Equity and Real Assets portfolios. Notable among these were:• Britax Childcare, a Carlyle Europe Partners II, L.P. portfolio company, sold toNordic Capital.• Compusearch, a Carlyle Venture Partners II, L.P. portfolio company, sold to JMIEquity and Arlington Capital Partners.• Frontier Drilling, co-invested by three Carlyle/Riverstone Global Energy and Powerfunds, sold to Noble Corporation.• HCR ManorCare, a Carlyle Partners V, L.P. portfolio company, sold its real estateassets to HCP, a real estate investment trust.• kbro Limited, a Carlyle Asia Partners II, L.P. portfolio company, sold to the Tsai family.The Carlyle group 17
Page 1: GLOBAL ALTERNATIVE ASSET MANAGEMENT
Page 6 and 7: Diversificationcreates opportunityO
Page 8 and 9: Experienceto invest wiselyOur stron
Page 10 and 11: Collaborationdefines our cultureOur
Page 12 and 13: Daniel A. D’AnielloCo-Founder and
Page 14 and 15: Carlyle’s Operating Committeecomp
Page 16 and 17: How is Carlyle different?We have th
Page 20: Improving performance in the health
Page 23 and 24: section one PerformanceOur teams id
Page 26 and 27: We apply creative thinkingand innov
Page 28: Fund of Funds. We expect to add Fun
Page 31 and 32: section TWO innovationThe Carlyle g
Page 33 and 34: section TWO innovationCorporate Cit
Page 35 and 36: section Three diversificationOur fo
Page 37 and 38: section Three diversificationMedica
Page 39 and 40: section Three diversificationGrowin
Page 41 and 42: section Three diversificationin the
Page 43 and 44: section Three diversificationFund-o
Page 45 and 46: section Three diversificationGrowth
Page 47 and 48: section four ExperienceNavigating c
Page 49: section four ExperienceBuilding upo
Page 52 and 53: We encourage a high degreeof collab
Page 54 and 55: The value of collaborationCollabora
Page 56 and 57: Deep industry experience applied gl
Page 58 and 59: We are keenly awareof our responsib
Page 60: To strengthen our ties to the commu
Page 63 and 64: our / purposeInvest wisely. Create

2010 Annual Report - The Carlyle Group

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