The Carlyle Group: IPO of a Publicly Traded Private Equity Firm

Darden Business Publishing Cases

ISSN: 2474-7890

Publication date: 20 January 2017


This case is used in Darden's course elective, Corporate Financing, and is accompanied by a teaching note for instructors and Excel spreadsheet for students. The Carlyle Group IPO case explores the circumstances leading up to the firm's IPO in May 2012. Over the past 25 years, Carlyle had grown from a fledgling private equity firm to one of the world's largest and most diversified investment firms. Carlyle had prepared extensively for the roadshow; management anticipated some tough questions. Students are asked to evaluate the extent to which Carlyle is undervalued relative to its peers. The case provides information on how to evaluate the earnings received by the public shareholders and outlines several alternative approaches to value PPEs.



Chaplinsky, S. and Marston, F.C. (2017), "The Carlyle Group: IPO of a Publicly Traded Private Equity Firm", Darden Business Publishing Cases.

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