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Carlyle Group co-founder and managing director David Rubenstein speaks at The Milken Institute Global Conference in Beverly Hills, California in this May 2, 2011 file photo. Carlyle Group LP plans to price its IPO between $22 and $23 per unit, lower than its initial $23 to $25 range, a source familiar with the matter said on May 2, 2012, as the private equity firm courts stock market investors.
Carlyle Group co-founder and managing director David Rubenstein speaks at The Milken Institute Global Conference in Beverly Hills, California in this May 2, 2011 file photo. Carlyle Group LP plans to price its IPO between $22 and $23 per unit, lower than its initial $23 to $25 range, a source familiar with the matter said on May 2, 2012, as the private equity firm courts stock market investors.
(FRED PROUSER/REUTERS)

Financial Times

A piece of the Carlyle action, without the buy-in

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

Is it better to own a slice of the Carlyle Group, or to be an investor in one of its funds? Until last year that option was not available – you did not work there, and did not have the $5-million or so that was required to invest in one of its funds (if you did, well, how nice). The question is now less hypothetical. Last May, the private equity pioneer listed its shares. This week it is offering investors spots in its funds for the dainty little sum of $50,000.