By Greg Roumeliotis
NEW YORK, March 14 (Reuters) - The founders of Carlyle Group
LP received $57.6 million each in dividends from their
stake in the private equity firm and executive pay in 2012, a
regulatory filing showed on Thursday, down from $137.8 million
David Rubenstein, William Conway and Daniel D'Aniello, who
founded Washington, D.C.-based Carlyle in 1987 and are now in
their sixties, each forfeited a bonus of around $3.5 million
they received in previous years.
Yet most of their profits come from their ownership of the
firm. They received $57.3 million each from their individual
15.4 percent stakes in Carlyle. They each also received $281,250
in executive compensation.
In aggregate, this was down from the $137.8 million they
received in 2011, before the firm raised $671 million in an
initial public offering in May 2012 by selling a roughly 10
percent stake. Carlyle's distributable earnings were also down,
from $864.4 million in 2011 to $687.9 million in 2012.
"We're all about alignment of interests. If our investors do
well, we do well. The founders reinvested most of their gains
and gave much to worthy causes," Carlyle spokesman Chris Ullman
Rubenstein, Conway and D'Aniello received $78.1 million,
$140.1 million and $80 million from Carlyle's funds respectively
in 2012 as a result of investing alongside the firm's clients.
In the same year, they invested $78.7 million, $140 million and
$78.3 million respectively in Carlyle's funds.
Overall, Carlyle and its employees increased their
commitments to the firm's investment funds in 2012 by
approximately $1 billion.
The earnings of Blackstone Group LP head Stephen
Schwarzman were flat in 2012 at around $213 million, while Leon
Black, the CEO at private equity rival Apollo Global Management
LLC, closed in on him with a 73 percent rise in his
earnings to $180.2 million.
KKR & Co LP's co-founders and chief executives,
Henry Kravis and George Roberts, received about $137 million and
$141 million respectively in executive compensation and cash
dividends in 2012, up by more than 45 percent over what they
received in 2011.
With $170 billion in assets under management across 113
funds and 67 fund-of-fund vehicles, Carlyle has diversified
beyond private equity in alternative asset classes such as
corporate credit, real estate and hedge funds.