One piece of credit I would give to Blackstoneâthey have been able to identify unbelievably talented leaders, and the senior-most leaders and founders in the firm have been great in supporting them and allowing them to build businesses. That middle section of clients has gotten compressed, some of our statistics show, by like a third. I was in their analyst program for a couple of years. And those two ecosystems, in my mind, aren't ever really going to be interacting into one quote unquote, "Global system."
GY Given the purposefulness and discipline that went into the whole process of setting this up, I was actually very confident. KL The only offset to a full price is having a better plan.
By Jason Kelly and Heather Perlberg | June 4, 2018, Photographer: Benedict Evans for Bloomberg Markets, âItâs not like weâre going out and drinking and bonding around the campfires, roasting marshmallows and singing songsâ, âThe risk of underinvestment is a real risk that you have to watch out for in a world where things are more or less clicking alongâ.
We donât feel like we get rewarded for it in the public marketplace yet. It's instantaneous. Kewsong Lee currently serves as co-chief executive officer of Carlyle and will assume the role of chief executive officer effective September 30, 2020. KL Donât put that itâs a finishing school in the article. Because when you're working in a place where your personal boundaries and your professional boundaries are all kind of confused, and what people don't realize is with video, you're actually working harder than you've ever worked before, because the setup time for meetings has gone away.
From there I went to Harvard Business School, did a little stint at Goldman Sachs for the summer, and basically had an opportunity to go back to McKinsey or go to Goldman, and I decided to go back to McKinsey. âPrivate equity,â Lee says, âis an old turn of phrase for what we are really doing.â. The business plan was still coming together, we were just launching Carlyle Partners II, we had a very small real estate teamâand it was fabulous. You have to be very careful. Kinsolving's acting credits include performances on nearly two dozen prominent television series during the 1950s and 1960s. On average, The Carlyle executives and independent directors trade stock every 55 days with the average trade being worth of $746,288.
KL Carlyle has a culture of cooperation and a culture of partnership that is genetically embedded in the organization because of the way the founders worked and the way the firm developed.
KL If we could buy it, great, but I would point out a few things.
Beyond Happiness Quotes,
You can see the complete history of Mr. Lee stock trades at the bottom of the page. Mr. Lee joined Carlyle in 2013 as deputy chief investment officer for corporate private equity, and in 2016 he assumed the additional role of leading the global credit segment.
And to me that's where we have to eventually get to. FASB, Financial Accounting Standards Board. We have special people we can put into these places, and theyâre quite adept at understanding [how to adjust to our] different styles. If you look at our investment teams, we almost always have co-heads, not single heads. KL This industry is evolving. When I was coming out of school, someone introduced me to this world of investment banking. It may be the biggest risk we have, yet all of us have turned a little bit defensive. Itâs not as episodic as private equity.
He also worked at Goldman Sachs.
I think it's fair to say the restarting, the reopening, it's not monolithic. Rob Stuckey, who runs our real estate, Mark Jenkins who runs our credit, Lauren Dillard who runs our solutions, who is homegrown from Carlyleâwe just have outstanding people running these investment platforms.
Of course markets can come down and disruptions can happen, but thatâs kind of an episodic thing. David Rubenstein.â I looked, and literally he had called me 22 times after the first time we met. We should not be declaring victory, there's still a lot more that unknown than known. Well, you're going to have low global growth. Just click the "Edit page" button at the bottom of the page or learn more in the Biography submission guide. Kewsong Lee: Sure. With respect to industry sectors, I think about it in terms of the letter C. Anything to do with collaboration, cashless, e-commerce, the cloud.
Kewsong Lee: Yes, Scott, that's, that's a great question. Having done musical theater and all kinds of other things, I thought maybe I should try this business thing out and ended up at a firm called McKinsey & Co. Barbara Novick, Come A Little Bit Closer Hear What I Have To Say, And the most important thing we could have done is first understand that.
The oldest executive at The Carlyle Group, Inc. is Thomas Robertson, 77, who is the Independent Director. About high 70’s, close to 80% of their economy is still driven in some shape or form, more domestically than not. Itâs not conducive to private equity, which is inherently difficult to scale. BM We talked about the division of responsibilities, but can you break down for us how things work? Thereâs also a risk that thereâs a reset. Whereas in other parts of the world, especially in the far East, it's much more monolithic in nature, they can do what they want, and as a result, it's just easier to do the contact tracing for them over there. So the risk of underinvestment is a real risk that you have to watch out for in a world where things are more or less clicking along and prices remain high. GY The key decision point around this buy-build topic was when Kew was able to recruit Mark Jenkins.
But the big step in retail is when you all of a sudden create structures and products that appeal to a larger group. GLENN YOUNGKIN: I joined here when I was 3. It has a different rhythm. Kewsong Lee, thank you so much for joining us today.
At the time, in the beginning of 1995, Carlyle was 25, 30 people. We still have an executive committee that the three founders are on. We did it systematically through hiring in the entry-level and middle-level and growing talent, although we had a few notable external hires. KL Weâre probably the first two guys to come into the office and among the last two guys to leave, so work-ethic-wise, weâre very much on the same page. BM How did you initially get to know each other, and how did that develop? About nine months into McKinsey, I was introduced to a few of the private equity firms, and I found myself here with David.
Like, how do you get people into work if they rely on mass transit? GY And thereâs a morning-to-morning sync. Iâve been here ever since. Xiang-Dong Yang, whoâs our chairman in Asia, is the best investor in Asia. Nothing Lasts Forever Meaning, David and Bill chair that board, so we have very frequent interactions with them.
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