and talent risk, competition, and a unique corporate structure that limits unitholder control. The Carlyle Group (CG) Our price objective (PO) for Carlyle is $18, which implies a target price-to-ENI (P/ENI or P/E) multiple of 13x our 2017 ENI estimate. Our price objective is based on our sum-of- the-par

mpanies. US Investigations Services, or USIS as it is now called, which won the contract for background checks, was initially owned by the hedge fund Carlyle Group who later sold it to another hedge fund, Providence Equity Partners. For the hedge funds, profits were the measure of success. To increase its

ests even further upside and greater conviction in our multiples for performance fee multiples, especially for those companies with less volatility (Carlyle and KKR). Exhibit 24: With a 24% tax rate on all earnings and a 22.5x FRE multiple, we see future performance fees valued at and implied 6.1x multip

nts.com « Seea sample reprint in PDF format. « Order a reprint of this article now MARKETS U.S. Private-Equity Tax Change Doubtful This Year, Says Carlyle Co-Founder Suggested Reform Could Increase Taxes on Private-Equity Profits By MIKE SPECTOR Feb. 26, 2014 5:06 a.m. ET BERLIN— Carlyle Group LP co-