2010 Annual Report - The Carlyle Group

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We apply creative thinkingand innovation to developnew methods to createvalue for our investors.Fresh approaches toinvesting help expandopportunities and generatestronger performance.24 The Carlyle group
section TWO innovationCarlyle’s global footprint, combined with innovative investment strategies, providesimportant advantages in the marketplace. It opens doors to developing new relationshipsand strengthens existing partnerships. It helps us engage with governmentaland non-governmental organizations, sovereign wealth funds and other stakeholdersaround the world. We believe it also enables us to take different approaches, strayfrom the status quo to develop new initiatives, enter new markets and look at everytransaction from every angle.Expanding our investment reachAt Carlyle, we have a history of developing new initiatives to offer a wider range ofoptions for our investors. Within 10 years of the launch of our first fund in 1990 topursue buyout opportunities in the United States, we had expanded our buyout operationsto Asia and Europe and added funds focused on U.S. real estate, global energyand power, structured credit, and venture and growth capital opportunities in Asia,Europe and the United States.Over the last 10 years, our drive to innovate gained momentum as we developed anincreasing number of new, diverse products, including funds focused on distressedopportunities, infrastructure, global financial services, mezzanine investments, and realestate across Asia and Europe. We also launched new operations in fast-growing emergingmarkets, including in the Middle East and North Africa (MENA) and South America.In 2010, we continued to apply innovative strategies to expand our business to accessgreater opportunities to create value for our investors. Our new initiatives include:Claren Road Long-Short Credit. In 2010, Carlyle acquired a 55% stake in ClarenRoad Asset Management, which has $4.7 billion of assets under management as ofDecember 31, 2010. We believe Claren Road’s expertise in long-short credit enhancesthe One Carlyle platform.Energy Mezzanine. We formed a new team to focus on mezzanine debt investments inthe energy and power space, primarily in the United States and Canada. With morethan $1 trillion in forecasted capital needs each year in the United States, we believerobust demand for energy capital is creating significant opportunities for debt investing.The Carlyle group 25
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 18 and 19: Our culture ofperformance hasenable
Page 20: Improving performance in the health
Page 23 and 24: section one PerformanceOur teams id
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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