The Carlyle Group is among a small group of private equity firms that is expected to go public within the next couple of years, joining already-listed peers like The Blackstone Group (BX) and Kohlberg Kravis Roberts & Co. (KKR).
I happen to think it will happen later rather than sooner — probably after both Apollo Global Management and TPG Capital — but there is no doubt that Carlyle has been diligently putting the pieces in place.
The latest example is Carlyle’s release of its inaugural Citizenship Report, a 23-page compendium of the firm’s attempts “efforts to incorporate environmental, social and governance considerations into its investment practice and into its own daily operations.” Such programs have been underway at Carlyle for several years, but the effort at publicizing them strikes me as an early PR play to counteract the eventual backlash that would accompany a Carlyle IPO (all PE firms face some degree of criticism, but Carlyle has proven to be a particular magnet for vitriol). Were Carlyle not looking toward its public future, then it simply would have sent this report to its private investors, perhaps with “confidential” stamped at the bottom of each page.
Here are some excerpts from the report’s opening pages:
Here is a copy of the full report: