Carlyle Group
Carlyle Group
Carlyle Group Cuts 10% of Staff
The Carlyle Group announced today that it will be reducing 10% of its staff, marking the first of the major private equity firms to announce firmwide layoffs, the WSJ reports. An even more remarkable note is that this is the first time in the Carlyle Group’s twenty-year history that it has made a firmwide staff cut.
After a recent surge in hiring, the Carlyle Group will be reducing its staff to 2007 levels. Also the Carlyle Group is shutting down its less than one-year-old office in Silicon Valley. Showing that even the mega-buyout firms are vulnerable to the financial crisis. A Carlyle Group spokesman explained the move, “In response to extraordinary market conditions, Carlyle has taken measured steps to balance its cost structure with the current investment climate. The firm is well positioned to take good care of our investment portfolio and has the resources to create and respond to compelling investment opportunities.”
The Carlyle Group has already had its share of public setbacks this year after the failures of Hawaiian Telecom, SemGroup LP which filed for Chp. 11 bankruptcy in July (SemGroup was only last year ranked 18th largest private company), and the fall of its mortgage securities hedge fund Carlyle Capital. Yet this is far from a collapse of the Carlyle Group, in fact, in its 64 funds there is around $40 billion in uninvested capital and it is raising an estimated $14 billion for its next buyout fund.
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