Despite an unpredictable market for publicly-traded private-equity firms, the Carlyle Group is moving forward with plans for an IPO, say people familiar with the matter.
The 24-year-old firm, which has more than $100 billion under management, will hold the first of two days of “bake-off” meetings, at which Wall Street bankers will pitch their underwriting services, today in New York, these people say.
While plans are subject to change during the months-long process of filing registration documents with the Securities and Exchange Commission and selling itself to institutional investors, Carlyle is contemplating selling between $750 million and $1.2 billion in stock as part of the new issue, one of these people said.
In an email, a Carlyle spokesman declined to comment.
A Carlyle IPO this year would come on the heels of a disappointing debut for Apollo Global Management , the rival private-equity firm with about $70 billion in assets under management at the end of last year.
Since Apollo's pricing in late March, Apollo shares have traded down about 12 percent on the New York Stock Exchange, compared with other rivals Blackstoneand KKR Financial , which are up by double-digit percentages on the year.
Carlyle’s portfolio of investments includes a wide array of companies, from a doughnut maker to wireless services in locations spanning from Barcelona, Spain to Seoul, Korea. Better-known portfolio companies include Dunkin’ Brands, which is also expected to issue stock this year, AMC Entertainment, the closely-held movie-theater operator, and the car-rental company Hertz.